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Full text of "Annual report of the directors of the Boston Elevated Railway Co.: 1898-1944"

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SECOND REPORT 



OF THE 



trustees of the 

Boston Elevated Railway 

Company 



(For the Year ending December 31st) 



1919 



si 



SECOND REPORT 



OF THE 



trustees of the 

Boston Elevated Railway 

Company 



(For the Year ending December 31st) 



1919 



•81 



Digitized by the Internet Archive 

in 2012 with funding from 

Federally funded with LSTA funds through the Massachusetts Board of Library Commissioners 



http://archive.org/details/annualreporto19191941bost 



(Appointed by the Governor of Massachusetts, pursuant to Chapter 159 of the 

Special Acts of 1918.) 

JAMES F. JACKSON, 
Chairman, 

WINTHROP COFFIN SAMUEL L. POWERS 

STANLEY R. MILLER, JOHN F. STEVENS 

Secretary. 



(§ffttttB of t!f* (Enrporattott 

(Appointed by the Trustees.) 
HENRY L. WILSON Treasurer 

CHARLES B. GLEASON Clerk 



(grating iepartmrttts 

EDWARD DANA General Manager 

H. BERTRAM POTTER .... Asst. General Manager 

EDWARD MAHLER Purchasing Agent 

CLARENCE E. LEARNED .... Supt. of Inspection 

JAMES SMITH Supt. of Transportation 

FREDERICK S. FREEMAN Supt. of Power 

JOHN LINDALL .... Supt. of Rolling Stock and Shops 
HARRY M. STEWARD .... Supt. of Maintenance 



($tljer Departments 
JOHN H. MORAN General Auditor 



LAW DEPARTMENT 

H. WARE BARNUM General Counsel 

RUSSELL A. SEARS . . . .General Claims Attorney 
CHARLES B. GLEASON Attorney 

DANIEL L. PRENDERGAST . . . Real Estate Agent 



Simtorfli 



MATTHEW C. BRUSH, Chairman 
WILLIAM A. BANCROFT. 
JOHN J. BRIGHT. 
SAMUEL CARR. 
CHARLES S. DAVIS. 

SYDNEY HARWOOD. 
HENRY S. LYONS. 
JAMES M. PRENDERGAST. 
FRANK W. REMICK. 
JAMES L. RICHARDS. 
ROBERT WINSOR. 



REPORT OF THE BOARD OF TRUSTEES. 



The trustees of the Boston Elevated Railway Company re- 
spectfully submit their second annual report covering a full 
yearly period. 

In view of recent public discussion and the comprehensive re- 
port of the Street Railway Commission with reference to the 
conditions and needs of this railway, it has seemed appropriate 
that the preliminary general statement be brief. 

The public control act (chapter 159 of the Special Acts of 
19 18) expressly imposed upon the trustees two distinct duties. 
The first was that of establishing the service upon a self-support- 
ing basis. Under private management the 5-cent fare had utterly 
failed to produce sufficient revenue to pay operating expenses and 
fixed charges. In consequence the railway property which came 
into the hands of the trustees was in many departments much the 
worse for lack of maintenance and in a condition unfit for effi- 
cient operation. 

Successive changes in fare were made to obtain receipts that 
would meet expenses. In August, 1918, the 5-cent fare was 
changed to a 7-cent fare, which in December, 1918, gave way to 
an 8-cent fare. The receipts from the 8-cent fare, .after a trial 
of seven months, also proved inadequate, so that the results of 
operation for the year ending on the 30th of June, 1919, showed 
a total deficit of $4,980,151.67. In accordance with the terms of 
the statute this amount was provided for by applying the $1,000,- 



10 

ooo reserve fund and assessing upon the cities and towns served 
by the railway company the balance as required by the provisions 
of the public control act, the transaction in effect being a loan 
that must be repaid and not a permanent contribution to the cost 
of the service. The deficit of that year had really exceeded the 
amount named and paid by $435,34846, which additional loss 
resulted from the retroactive character of the wage award in 
July adding this sum to the wages which had been paid in May 
and June. On the tenth of July, 19 19, the fare was made 10 
cents. Owing to strikes and other extraordinary conditions oper- 
ating losses continued until the middle of September, since which 
time the 10-cent fare has produced revenue in excess of expendi- 
tures. This surplus on the thirty-first of December, 1919, had 
reduced the deficits incurred in July, August and September, 
aggregating $928,694.85, to $459,007.54. .. -, , tha v : 

In forecasting the amount of excess in revenue over expendi- 
tures for the balance of the year allowance must be made for 
the favorable traffic conditions that always prevail in October, 
November and December. However, the trustees believe that 

receipts will continue to exceed expenditures, and that on the 
thirtieth of June, 1920, all losses will have been absorbed and 
no deficit exist to be assessed upon cities and towns. This state- 
ment is subject, of course, to the happening of events not reason- 
ably to be anticipated. As the law now stands there can be no 
lower fare until the cities and towns have been reimbursed for 
the amounts paid to meet past deficits and the reserve fund of 
$1,000,000 has been restored. 

The second duty imposed upon the trustees was that of bring- 
ing the railway to a condition suitable for efficient operation. 
With insufficient receipts to meet expenses, and without capital 



II 

available for permanent additions and improvements, the task 
of bettering the service has been difficult. However, a beginning 
has been made under a program of improvement which can be 
completed only in a series of years. The changes thus far made 
are featured in the purchase of modern cars, in replacement and 
addition to former equipment, the completion of certain through 
lines, the lengthening of tunnel trains, with introduction of two 
and three car trains on surface lines, larger and more frequent 
rapid transit service. In the budget of the coming year improve- 
ments have been authorized that will cost approximately $5,700,- 
000. What is of the utmost importance, full provision is now 
being made for maintenance and depreciation, 

The sale of the Cambridge subway, authorized at the recent 
special session of the Legislature, when carried into effect will 
make available for capital expenditures $7,868,000. It goes with- 
out saying that a business-like administration is as essential to suc- 
cess in the conduct of a public service as it is in the conduct of 
private affairs. Therefore none but a prudent use of the pro- 
ceeds of this sale, which for the time being afford the 
only source of capital, could be justified. Such use will secure 
important improvements with resulting economies and tend to 
re-establish the credit so vital to the development of railway 
facilities. 

The trustees reiterate their belief that car riders ought not to 
be subject to a special tax for using public highways either 
through payment of subway rentals or assessment for street im- 
provements. The Street Railway Commission recommended 
changes in the law to relieve them from this burden. The ques- 
tion is between the car rider and the taxpayer, and is one for 
legislative decision in determining what is a proper service at 
cost. 



12 



A summary of business for the year, is as follows : 

Gross revenue from operation $29,404,591.59 

Operating expenses 23,700,339.41 



Tremont Subway rental .... $195,507.56 
Less 
Amount charged Eastern 

Mass. St. Ry. Co . . $18,900.85 
Amount charged the Wil- 
bur Theatre . . . 61.60 18,962.45 



Net revenue railway operations . $5,704,252.18 

Income from lease of road .... $823.40 

Dividend income 9,180.00 

Income from funded securities . . . 6,289.50 
Income from unfunded securities and ac- 
counts 42,853.06 

Income from sinking fund and other 

reserves 33,280.00 

Miscellaneous income 1,565.27 93,991.23 



$5,798,243.41 



$176,545.11 



Interest on funded debt of West End St. 

R y. Co - $997,954-99 

Dividend rental on preferred stock of 

West End St. Ry. Co., 8% per annum 512,000.00 
Dividend rental on common stock of West 

End St. Ry. Co., 7% per annum . . 982,089.50 

Interest on notes payable .... 40,348.45 
Organization expenses of West End St. 

Ry. Co. 8,500.00 

Dividend on stock of Somerville Horse 

R. R. Co. 9,180.00 

Taxes on West End St. Ry. Co. . . . 636,283.32 

Taxes on Somerville Horse R. R . . 3,831.33 
Rent of property of Eastern Mass. St. 

Ry. Co 42,526,17 

Rent of Newtonville & Watertown St. Ry. 6,087.82 

Total accruals on account of leased 
railways 3,415,346.69 



Amount carried forward $2,382,896.72 



13 



Amount brought forward 
Interest on funded debt 
Interest on unfunded debt . 
Corporate franchise and real estate taxes 
Federal capital stock taxes . 
Federal and Mass. income taxes 
Miscellaneous tax items 
Washington Tunnel rental . 
East Boston Tunnel rental . 
East Boston Tunnel Extension rental 
Cambridge Connection rental . 
Boylston Subway rental 
Dorchester Tunnel rental 
Miscellaneous debits 
Amortization of discount on funded debt 
Net loss on Miscellaneous Physical Prop 
erty 



$i,309,477-o8 

246,312.98 

389,508.87 

9,088.50 

6,480.84 

309.50 

356,640.24 

107,878.11 

100,809.74 

71,124.68 

229,189.99 

473,859.14 

8,070.37 

44,290.46 

7,986.10 



$2,382,896.72 



3,361,026.60 



Deficit for the year 



$918,129-88 



Volume of business for the year: 

Total revenue passengers carried .... 
Decrease as compared with the corresponding year 
Or a decrease of about 



324,758,685 

23,906,015 

6-86% 



We annex a full statement of the condition of the company 
for the year ending December 31, 1919, compiled by our General 
Auditor, Mr. John H. Moran. 

Appended is a copy of a certificate from Patterson, Teele & 
Dennis, Accountants, certifying to the correctness of the Gen- 
eral Balance Sheet, Income Statement and Profit and Loss Ac- 
count. 

JAMES F. JACKSON, Chairman, 
WINTHROP COFFIN, 
STANLEY R. MILLER, 
SAMUEL L. POWERS, 
JOHN F. STEVENS, 

Trustees. 
Jan. 31, 1920. 



Boston, March 19, 1920 

Mr. James F. Jackson, ChalrmanX T 

Mr. Winthrop Coffin, / „ ' 

», t» tv>t f Boston Elevated 

Mr. Stanley R. Miller, > „ ., „ 

Mr. Samuel L. Powers, ( J*""* ^any, 

,, T ^ I Boston, Mass. 

Mr. John F. Stevens, ^ 



Sirs 



We have examined the accounts of the Boston Elevated Rail- 
way Company for the year ending December 31, 1919, and we 
report upon the Company's financial statements for the year, pre- 
sented herewith, as follows : 

Road and Equipment are shown at book values without ade- 
quate provision for depreciation prior to June 30, 1918, but, in 
our opinion, the depreciation provided for the year under review, 
in pursuance of the plan for depreciation reserves thereafter 
adopted by the Trustees, is adequate. 

The securities owned by the Company were produced for our 
inspection and are carried at cost values which, in some cases, 
exceed the market values. We have verified the current assets 
as shown by the books, and have satisfied ourselves that the 
liabilities are correctly stated. 

WE HEREBY CERTIFY that, subject to the foregoing com- 
ments, the accompanying Balance Sheet is in accordance with 
the books and correctly states the financial condition of the Bos- 
ton Elevated Railway Company at December 31, 1919; and that 
the operating results for the year 19 19 are fairly presented in the 
accompanying Income and Profit and Loss Statements. 

Respectfully submitted, 

Patterson, Teele and Dennis, 

Accountants and Auditors. 



GENERAL AUDITOR'S REPORT. 



Boston, March 15, 1920. 

To the Board of Trustees of the Boston Elevated Railway 
Company : 

Gentlemen, — I herewith submit the following statements of the 
business of the Company for the year ending December 31, 1919: 

A. General Balance Sheet. 

B. Income Statement. 

C. Profit and Loss Account. 

D. Statement of the Special Trust Fund. 

E. Traffic Statistics. 

F. Mileage of Track. 

G. Equipment. 

H. Summary of Stockholders. 

Yours respectfully, 

JOHN H. MORAN, 

General Auditor. 



i6 



A. 

GENERAL BALANCE SHEET. 

Assets 
Investments: 

Road and equipment at Jan. i, 1919 $56,034,987.37 
Additions and betterments during 
the year ending Dec. 31, 1919 . 968,870.14 

Total $57,003,857-51 

Miscellaneous physical property (purchased from 

the West End St. Ry. Co. under Chap. 940, Acts 

191 1 ) 922,880.16 

Investments in affiliated companies: 

Stocks 201,509.72 

Advances : 
West End St. Ry. Co.: 

Road and equipment ac- 
counts .... $3,104,020.95 
Current account . . . 884,336.34 
Other companies — Road and 

equipment .... 102,852.11 

Total 4.091,209.40 

Other investments: 

Stocks 2,501.00 

Notes 108,150.00 

Advances 91,643.11 

Total investments $62,421,750.90 

Current Assets: 

Cash . $i,956,935-89 

Deposits for interest, dividends 

and rents unpaid .... 753,283.04 
Loans and notes receivable . . 15565 
Miscellaneous accounts receivable 343,674-96 
Material and supplies . . . 2,892,779.42 
Interest, dividends and rents re- 
ceivable 17,316.38 

Other current assets .... 41,705.33 

Total current assets ' 6,005,850.67 

Deferred Assets: 

Insurance and other funds . . $806,976.67 

Total deferred assets 806,976.67 

Unadjusted Debits: 

Rents and insurance premiums paid 

in advance $321,528.77 

Discount on funded debt . . . 358,048.22 

Other unadjusted debits . . . 233,924.93 

Cost of service deficit for 12 months 

ending June 30, 1919, as provided 

for by Reserve Fund, Chap. 159, 

Acts of 1918 1,000,000.00 

Cost of service deficit for 12 months 

ending June 30, 1919, as provided 

for by Com. of Mass., Chap. 159, 

Acts of 1918 3,980,151.67 

Total unadjusted debits .... 5,893.653-59 

Grand Total $75,128,231,83 



/ 



A. 

DECEMBER 31, 1919. 

Liabilities. 
Capital stock (common) . . . $23,879,400.00 
Capital stock (preferred) . . . 3,000,000.00 

Premium on capital stock . . . 2,707,428.13 

Total stock $29,586,828.13 

Long-Term Debt 

Funded debt unmatured . . . $29,586,000.00 

Mortgage note 125,000.00 

Non-negotiable debt to affiliated 
companies: 

Open account (West End St. 
Ry. Co.) .... 1,214,948.88 

Total long-term debt 30,925,948.88 

Current Liabilities: 

Loans and notes payable . . . $3,908,842.75 
Audited accounts and wages pay- 
able 2,211,876.65 

Matured interest, dividends, and 

rents unpaid 754,488.54 

Accrued interest, dividends, and 
rents payable 890,516.54 

Total current liabilities .... 7,765,724.48 

Deferred Liabilities: 
Other deferred liabilities . . . 36,491.33 

Total deferred liabilities .... 36,491.33 

Unadjusted Credits: 

Tax liability $333AU-63 

Insurance reserve .... 42,811.29 

Operating reserve — for injuries and 

damages 1,009,563.20 

Accrued depreciation, road and 

equipment 1,842,576.61 

Other unadjusted credits . . . 120,515.41 

Amount advanced by Comm. of 
Mass. under Chap. 159, Acts of 
1918, acct. deficit in cost of serv- 
ice for 12 mos. ending June 30, 
1919 3,980,151.67 

Total unadjusted credits .... 7,329,029.81 

Total $75,644,022.63 

Corporate Surplus: 

Profit and loss — balance (debit) . 515,790-80 

Total corporate surplus (debit) . . 515,790-80 

Grand Total $75,128,231,83 



i8 



B. 



INCOME STATEMENT. 



Operating Income: 

Railway operating revenues: 
Revenue from transportation: 

Passenger revenue 

Parlor and special car revenue 

Mail revenue 

Express revenue 

Miscellaneous transportation revenue . 

Total revenue from transportation 



$28,752,675.38 

14,868.73 

722.24 

89,002.98 

3,001.85 

$28,860,271.18 



Revenue from other railway operations: 

Station and car privileges . 
Rent of tracks and facilities 
Rent of equipment 
Rent of buildings and other 

property 

Power 

Miscellaneous .... 



$293,871.62 

41,477.20 

5,209.45 

82,514.36 

46,349-33 
74,898.45 



Total revenue 
operations 



from other railway 



Total railway operating revenues 



544,320.41 
$29,404,591-59 



Railway Operating Expenses: 

For maintenance of way and struc- 
tures 

For maintenance of equipment 

For power 

For conducting transportation 

For traffic 

For general and miscellaneous 



Total operating expenses 



$3,783,715.35 
4,290,039.81 
2,980,658.59 

10,530,882.29 

4,758.03 

2,110,285.34 



Net revenue — Railway operations 

Taxes Assignable to Railway Operations 
Total operating income 
Amount carried forivard . 



23,7oo,339-4i 
$5,704,252.18 

1,045,502.36 
$4,658,749-82 
$4,658,749.82 



19 
B. 

YEAR ENDING DECEMBER 31, 1919. 
Amount Drought forward $4,658,749.82 

NON-OPEBATING INCOME! 

Income from lease of road . . $823.40 

Dividend income .... 9,180.00 

Income from funded securities . 6,289.50 
Income from unfunded securities 

and accounts 42,853.06 

Income from sinking fund and other 

reserves 33,280.00 

Miscellaneous income . . . 1,565.27 

Total non-operating income . . . 93,991.23 

Gross income $4,752,741.05 

Deductions from Gboss Income: 

♦Rent for leased roads . . . $2,775,232.04 

fMiscellaneous rents .... 1, 339,501-90 

Net loss on miscellaneous physical 

property for year. (Purchased 

from W. E. St. Ry. Co. under 

Chap. 940, Acts 191 1 ) . . . 7,986.10 

Interest on funded debt . . . 1,309,477.08 

Interest on unfunded debt . . 246,312.98 

Amortization of discount on funded 

debt 44,290.46 

Miscellaneous debits .... 8,070.37 

Total deductions from gross income . . $5,730,870.93 



Net Loss Transferred to Debit of Profit 

and Loss $978,129-88 



♦Includes rent for Tremont Subway, $176,545.11. 
t Rents for all other subways and tunnels. 



20 

c. 

PROFIT AND LOSS ACCOUNTS. 

APPLYING TO OPERATIONS TO JUNE 30, 1918 

Debit 

To debit balance at beginning of year .... $72,898.63 

To uncollectable accounts — can- 
celled $3,478.22 

To uncollectable balance due on 
note — cancelled .... 4,822.10 

To charge off value of part of the 
original installation of track re- 
moved from East Boston tunnel 3,217.64 

To legal services in connection with 
suit arising out of collision of 
S/S "Everett" 2,000.00 

To charge off difference between the 
estimated value placed upon 
scrap and the amount actually re- 
ceived in the disposition of 
equipment of Somerville and 
Medford Gas Engine Stations . 9,097-97 22,615.93 

Total $95,514-56 



Credit 

By refund in settlement of our claim 

of 1914 U. S. Excess Income Tax . $1,545-73 

By amount recovered for loss of serv- 
ices of S/S "Everett" resulting 
from collision 25,000-00 

By amount recovered as compensation 
for operation of Squantum service 
for period Jan. 1 to June 30, 1918 - 12,185.57 38,731.30 

By debit balance 56,783.26 

Total $95,514-56 



21 



c. 

YEAR ENDING DECEMBER 31, 1919- 

APPLYING TO OPERATIONS SINCE JUNE 30, 1918 

Debit 
To debit balance at beginning of year .... $3,073,466.91 

To debit balance transferred from Income Account . 978,129.88 

To dividends on Preferred Stock: 
$3.50 per share on 30,000 shares, 

paid July 1, 1919 .... $105,000.00 

$3-50 per share on 30,000 shares, 
paid Jan. 1, 1920 .... 105,000.00 

To dividends on Common Stock: 
$1.25 per share on 238,794 shares, 

paid April 1, 1919 .... 298,492.50 

$1.25 per share on 238,794 shares, 

paid July 1, 1919 .... 298,492.50 

$1.25 per share on 238,794 shares, 

paid Oct. 1, 1919 .... 298,492.50 

$1.25 per share on 238,794 shares, 

paid Jan. 2, 1920 .... 298,492.50 1,403,970.00 

To cancellation of sundry bills in ad- 
justment of charge for heating 
Harvard College Dormitories for 
period Sept., 1918, to June, 1919 . ^37,223.17 

To uncollectable accounts — cancelled 1,277.76 38,500.93 

Total ^$5,494,067.72 

Credit 
By amount recovered as compensation for operation 
of Squantum service for period July 1, 1918, to Dec. 

31, 1918 $24,465.34 

By amount received in adjustment of 

charge for heating Harvard College 

Dormitories for period July, 1918, 

to June, 1919 . . . . " . $23,829.77 

By amount transferred from Reserve 

for Back Pay under National War 

Labor Board Award of 1918 . . 6,613.40 30,443.17 

By cost of Service Deficit for 12 months ending June 

30, 1919, as provided for by Reserve Fund, Chap. 

159, Acts of 1918 1,000,000.00 

By cost of Service Deficit for 12 months ending June 

30, 1919, as provided for by Comm. of Mass., Chap. 

159, Acts of 1918 3,980,151.67 

By debit balance 459,007.54 

Total $5,494,067.72 



SUMMARY OF PROFIT AND LOSS ACCOUNTS 
For operations to June 30, 1918 (debit balance) . $56,783-26 

For operations since June 30, 1918 (debit balance) . h59,007.5U 

Total (debit) December 31, 1919 . . $515,790-80 



22 

D. 

BOSTON ELEVATED RAILWAY COMPANY, TRUSTEE. 

STATEMENT OF SPECIAL TRUST FUND 

DECEMBER 31, 1919 

Principal of Trust Fund as established . . . $1,500,000.00 

Accretions and accumulations of income to December 

3i, 1919 474,226.17 



Total $1,974,226.17 



Investment in marketable securities and real estate . $1,901,827.28 

Cash 72,398.89 



Total $1,974,226.17 



The above Trust Fund is held by the Boston Elevated Rail- 
way Company under Chapter 740, Acts of 191 1, "An Act to 
authorize the consolidation of properties and franchises of the 
Boston Elevated Railway Company and the West End Street 
Railway Company," and represents the proceeds from the sale 
to the Boston Elevated Railway Company of real estate of the 
West End St. Ry. Company, which was not required in the 
conduct of the business. The amount so received ($1,500,000) 
is to be held by the Boston Elevated Railway Company and in- 
vested by it and allowed to accumulate until the tenth day of 
June 1922, when the consolidation of the two companies is to 
take place. Thereafter, the annual income therefrom shall be 
applied toward the purchase and retirement of the second pre- 
ferred stock of the Boston Elevated Company. No part ot this 
fund or its income can be used for any other purpose. 



23 

E. 

TRAFFIC STATISTICS. 

YEAR ENDING DECEMBER 31, 1919 

Round Trips 

Run by Rapid Transit Passenger cars . . . 1,226,099 

Run by Surface Passenger cars 5>35i,970 

Run by Express cars, etc. 10,157 

Total 6,588,226 

Revenue Miles 

Run by Rapid Transit Passenger cars .... 14,139.619 

Run by Surface Passenger cars 39-393,903 

Run by Express cars, etc. 175,020 

Run by Sprinkler cars 12,707 

Total 53,721,249 

Revenue Car Hours 

By Rapid Transit Passenger cars 978,591 

By Surface Passenger cars 3.770,727 

By Express cars; etc. 16,765 

By Sprinkler cars 1,017 

Total 4,767,100 

Passengers Carried 

Revenue Passengers on Rapid Transit and Surface 

cars 324.758,685 



24 

F. 



MILEAGE OF TRACK. 

Total track owned by and leased from the West End 
St. Ry. Co., December 31, 1918 .... 

Additions for extensions during the year 

Total 

Reduction for track taken up or transferred during 
the year 

Net Length of Track owned by and leased from 
The West End Street Ry. Co., Dec. 31, 1919 . 

Leased from other companies 

Operated under trackage privileges 

Surface track on B. E. Ry. Co. property 

Total track for Surface cars 

Total track for Rapid Transit cars 

Total Track, Dec. 31, 1919 

Which is made up as follows: 

For For Rapid 

Surface Cars Transit Cars 

Length of main lines . 231.616 miles 16.804 miles 

Length of second track . 197-558 " 16.580 " 
Length of sidings, car- 
house curves, cross- 
overs, etc . . . 10.913 " 3045 
Length of track in car- 
houses and yards . . 51.864 " 6.946 " 

Totals . . . 491.951 " 43-375 " 

The total length of surface track in reservations is . 
The total length of surface track built with heavy 
girder rail is 



425,462. 
2.085 


miles 
(1 


427,547 


«< 


1.656 


(< 


425,891 

39-247 

3.708 

23.105 


<< 
<( 
(< 


49L95I 
43-375 


« 
(i 



535-326 



45.18 

452.933 



25 

F. 



DECEMBER 31, 1919. 

The total length of track in subways and tunnels used 
for surface cars is as follows: 
Tremont Subway .... 5.400 miles 
East Boston Tunnel and Extension 3-782 " 
Boylston Subway .... 3.016 " 

Total Length of Track in Sub- 
ways used for surface cars is 12.198 miles 
The total length of track in subways and tunnels used 
for rapid transit trains is as follows: 
Washington Tunnel .... 2.326 miles 
Cambridge-Dorchester Tunnel 
Cambridge Subway proper 

and incline to bridge . 4.743 miles 

Cambridge Bridge and El- 
evated Connection . . 1.029 " 
Cambridge Connection (Bea- 
con Tunnel) . . .965 " 
Dorchester Tunnel . . 4.628 11.365 " 

Total Length of Track in 
Subways and Tunnels 
used for Rapid Transit 
Trains is 13.691 miles 

The total length of track in all Subways and Tunnels is 25.889 miles 

The total length of surface track in the Cambridge 

Subway is .723 " 

The total length of surface track in the Dorchester 

Tunnel and at Andrew Station is .635 " 

The total length of track on the East Cambridge Via- 
duct and connection is 2.678 " 



26 

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28 

H. 

SUMMARY OF STOCKHOLDERS OF RECORD. 

December 31, 1919 



State. 
Massachusetts 



COMMON. PREFERRED. 

No. Stockholders. Shares. No. Stockholders. Shares. 
. 5.256 • . 213,676 . . 3,138 . . 27,319 



Other States 



Maine 

New Hampshire 

Vermont 

Rhode Island . 

Connecticut 

New York . 

New Jersey 

Pennsylvania 

Maryland 

District of Columbia 

Virginia 

West Virginia 

Georgia 

Florida 

Louisiana 

Ohio 

Indiana 

Tennessee 

Iowa 

Illinois 

Wisconsin 

Michigan 

Missouri 

Colorado 

Washington 

California 

Minnesota 

Oklahoma 

South Dakota . 

Delaware 

Alabama 

South Carolina 

North Carolina 

Kentucky 

Montana 

North Dakota 

Kansas 

Arizona 

Texas 



Cuba 
Mexico 



87 

151 

24 

46 

67 

171 

16 

46 

4 
21 

3 

2 

5 
9 
1 

13 
2 
2 
1 

24 
7 
7 
5 
4 
7 

33 
7 
3 
1 
2 
2 
1 

3 
1 
1 
1 

1 
3 



784 



3,301 
2,972 
302 
1,460 
2,350 
7,626 

213 

1,040 

63 

792 

70 

8 

62 

305 
1 

369 
65 
11 

2 

397 
118 
176 
160 
523 
45 
1,056 

77 
25 
50 

17 
22 
10 
66 
10 
2 
10 

13^ 

30 

23,936 

25 
10 



4i 
83 
10 
26 
30 
72 
1 

15 
1 

10 
3 

1 
2 

4 
I 
1 
1 

4 
1 

5 
3 
1 
I 

15 

1 



342 

325 
29 

191 
309 
863 

7 

66 

8 

65 

12 

7 
12 

62 

6 

1 

30 

54 

13 

43 

18 

2 

1 

122 

4 



2 

14 

^» 



336 



2.611 



35 









29 
















H. 














Bbitish Pbovinces 












COMMON. 




PREFERRED. 




Province 
Quebec 
Ontario 

New Brunswick 
Nova Scotia 
British Columbia 
Saskatchewan 
Prince Edward 


No. Stockhc 
. . 8 

2 

2 

• • 3 

2 
I 

Island i 


lders. 


Shares. 

371 
26 

13 

42 
8 

15 

5 


No. Stockholders. Shares. 
6 . . 55 

. . 2 . . 12 






19 




480 


8 


67 



European Countries 



England 

Denmark 

Ireland . . 

France 

Italy . . . . 

Belgium . . . 


2 . 10 
1 . . 30 
1 . . 5 

5 • • 525 
1 . . 10 
1 . . 50 




11 • • 630 


Nicaragua 


Central America 
1 . 12 



China 



Asia 



25 



Recapitulation 



Massachusetts 
Other States 
Cuba .... 
Mexico . . . . 


5,256 • 

784 • 

1 • 

1 • 


. 213,676 . 
23,936 • 
25 
10 


• 3,138 • 
33^ • 


• 27,319 
2,611 


British Provinces 
European Countries . 
Central America 


19 . 
11 • 
1 


480 . 
630 . 

12 


8 • 
2 . 


67 
3 


Asiatic Countries 


1 


25 
238,794 








6,074 


3,484 


30,000 



THIRD REPORT 



OF THE 



trustees of the 

Boston Elevated Railway 

Company 



(For the Year ending December 31st) 

1920 



>81 



THIRD REPORT 



OF THE 



trustees of the 

Boston Elevated Railway 
Company 



(For the Year ending December 31st) 

1920 



81 



Itaarfc of ISrvuttetB 

(Appointed by the Governor of Massachusetts, pursuant to Chapter 159 of the 

Special Acts of 1918.) 

JAMES F. JACKSON, 
Chairman. 

WINTHROP COFFIN. 

STANLEY R. MILLER, 
Secretary. 

SAMUEL L. POWERS. 

JOHN F. STEVENS. 



EDWARD DANA General Manager 

H. BERTRAM POTTER . . . Asst. General Manager 

JAMES SMITH Supt. of Transportation 

JOHN LINDALL . . Supt. of Rolling Stock and Shops 
HARRY M. STEWARD .... Supt. of Maintenance 

FREDERICK S. FREEMAN Supt. of Power 

EDWARD MAHLER Purchasing Agent 

CLARENCE E. LEARNED . . . Supt. of Inspection 



HENRY L. WILSON Treasurer 

CHARLES B. GLEASON . . . Clerk of the Corporation 
JOHN H. MORAN ....... General Auditor 

H. WARE BARNUM General Counsel 

RUSSELL A. SEARS .... General Claims Attorney 



Utmtora 

MATTHEW C. BRUSH, Chairman. 
WILLIAM A. BANCROFT. 
(i) JOHN J. BRIGHT. 
SAMUEL CARR. 

(2) CHARLES S. DAVIS. 
SYDNEY HARWOOD. 
HENRY S. LYONS. 

(3) JAMES M. PRENDERGAST. 
FRANK W. REMICK. 
JAMES L. RICHARDS. 
ROBERT WINSOR. 



(1) Died January 6, 192 1. 

(2) Died September 11, 1920. 

(3) Died November 29, 1920. 



REPORT OF THE BOARD OF TRUSTEES 



The Trustees of the Boston Elevated Railway Company 
respectfully submit a report of the result of operation by the 
Company during the calendar year 1920. 

FINANCIAL CONDITION. 

The financial condition on December 31, 1920, and the re- 
sults of operation during 1920 and the entire period of public 
control are set forth in statements appended to this report. 

Por the twelve months ending December 31, 1920, the cost 
of service exceeded receipts by $346,95.1.84, while during the 
preceding twelve months the cost of service had exceeded 
receipts by $2,366,494.45. 

The second year of operation under public control closed on 
June 30, 1920. The revenue in that year exceeded the expense 
of operation by $17,079.95. This surplus does not take into 
account the $435,348.46 paid in October, 1919, under a retro- 
active wage award applicable to the previous May and June. 
This amount would have been included in the assessment in 
July, 1 9 19, against the cities and towns served by the railway 
had it been known' in season for that assessment. Should this 
item properly be included in the cost of service for the year 
ending on June 30, 1920, there would still have been no deficit 
for that year under the budget system which had been adopted 
in accordance with a practice approved by the Department of 



10 

Public Utilities. Under that system the total expenditure for 
the year for maintenance of way, structures and equipment is 
estimated at the beginning of the year and charged propor- 
tionately to each month. When actual expenditures in any 
month exceed the allotted amount the excess is carried in re- 
serve account to be offset by the credit arising- during any 
other month in which less than the allotted amount is ex- 
pended. At the end of the fiscal year the accounts are adjusted 
and show actual expenditures. On June 30, 1920, in accord- 
ance with this procedure, $418,343.98 had been charged to 
equalization and credited to operating expense. This amount, 
coupled with the surplus of $17,079.95, would set off the item 
°f $435^348-46 for back wages, and leave a credit balance on 
June 30, 1920, of $75.47. 

Cost of service during the last six months of the year ex- 
ceeded receipts by $387,690.87, and did not permit absorption 
of the $418,343.98 above referred to as charged to Equalization 
on June 30th. Therefore on December 31st after crediting the 
small credit balance of June 30th, there remained $805,959.38, 
which it is confidently expected can be absorbed during the 
first six months of 1921. 

OPERATING COSTS. 
Operation in 1920 has faced extraordinary costs in abnormal 
expenses for removal of snow, advance in wages and higher 
prices of coal and materials. The abnormal snowfall of last 
winter cost more than the combined snowfalls of the preceding 
nine years. The direct expense attributable to removal of 
snow was $600,000; the indirect cost of the storms from added 
expense in maintenance of equipment and from loss of revenue 
increased this amount to approximately $1,000,000. 



II 

The wage agreement with the Carmen's Union expired on 
the first of May, and in the absence of agreement as to future 
wages the issue was left to arbitration. The employees were 
awarded an increase of 16^3 per cent. The present schedule is 
effective until July 1, 1921. Other agreements with craft 
organizations have expired, and have been renewed with some 
advance in wages. 

The abnormal rise in price of coal has been most disturbing. 
The average cost of coal in 1919 at the power stations in Bos- 
ton was $5.90 a ton; in October, 1920, the average cost had 
risen to $13.82 a ton; some coal has cost over $20 a ton. The 
meaning of this is apparent when it is remembered that be- 
tween 250,000 and 300,000 tons of coal are consumed each 
year. Fortunately, the decline in price now makes it sure 
that the cost for the next six months will be much less than 
it was in the past six months. 

Steel, cement and other materials, too, have advanced in 
price. Lower prices have as yet affected transportation but 
little, but are bound to be felt in the near future. Meanwhile 
necessity has compelled the maintenance in stock of a reason- 
able amount of the material that is daily needed in operating 
the railway. 

The item expended for taxes has been larger than that of 
the preceding year by about $200,000. 



12 

RECEIPTS AND ECONOMIES. 

To offset additional expenses there have been some in- 
creases in net revenue, in part from increased riding and in 
part from the inauguration of economies. 

The growth of travel is shown in the following compilation 
of revenue passengers carried : 





Week Day 


Saturday 


Sunday 


Holiday 


Total for 


Year 


Average 


Average 


Average 


Average 


Year 


tgi5 


992,283 


1,140,046 


685,726 


846,860 


352,469,586 


1916 


. 1,050,038 


1,218,749 


718,804 


832,962 


373,577,908 


1917 


1,073,943 


1,249,588 


728,847 


857,902 


381,017,338 


1918 


985,384 


1,147,809 


658,902 


775,634 


348,664,700 


1919 


934,918 


1,078,635 


596,182 


706,429 


324,758,685 


1920 


960,737 


1,072,319 


591,063 


703,634 


335,526,561 



It was inevitable that higher fares, though increasing reve- 
nue, would cut down riding. The record verifies this expec- 
tation, but shows no such reduction in the number of persons 
using street cars as to suggest that the railway is not fulfilling 
the purpose of its existence in furnishing a cheap method of 
transportation for the multitude of people. 

The figures given in the table show not only the effect of a 
higher fare, but the effect of the rapid growth in the use of 
the automobile. It w r ill be noted that while there were be- 
tween ten and eleven million more passengers carried in 1920 
than in 1919, there were 600,000 fewer passengers carried upon 
Saturdays, Sundays and holidays. The explanation is that 
upon the days last named the automobile is in more general use as 
a substitute for the street car. Even upon the days of ordi- 
nary business no one observing the multitude of automobiles 
that choke the streets leading to the business center of Boston 
in the morning and at night can fail to appreciate the serious 
nature of the competition between that form of transportation 
and the street railway. 



13 

Again, a substantial economy has resulted from the elimina- 
tion without impairment of service of much unprofitable 
mileage, although increased accommodation has been provided 
where the traffic is heavy, and though 10,767,876 more pas- 
sengers were carried in 1920 than in 1919, the mileage was 
less by 2,295,995 miles. The revenue per car mile was in- 
creased from 53.74 to 64.61 cents, and the number of revenue 
passengers per car mile from 6.066 to 6.548. 

Though the arbitration award of last June advanced wages 
16^ per cent., a rearrangement of working hours and condi- 
tions was effected which benefited all concerned and secured 
a large saving in labor costs. All employees are guaranteed 
an eight-hour day. Men not having schedule runs are re- 
quired to be available for duty during eight-hour periods, and 
to perform within their eight-hour periods such work as may 
be assigned to them. 

An important factor contributing to the net increase in 
earnings was the operation of additional three-car trains and 
one-man cars. 

The total number of employees on the pay rolls of the year 
as compared with the record of the previous year is shown in 
the following tabulation: 

Week ending 1920 1919 Decrease 

January 16 9,584 9,772 188 

February 20 • • • . . • • 9,605 10,046 441 

March 12 9,903 10,165 262 

April 16 9,889 10,750 861 

May 21 9,712 11,263 i,55i 

June 25 9,868 n,378 1,510 

July 23 10,099 10,636 537 

August 20 9,908 10,687 779 

September 26 9,824 10,478 654 

October 22 9,704 10,094 390 

November 19 9,490 10,062 572 

December 17 . , ? , • • 9*,25o 9,739 489 



14 

The high cost of coal has in a measure been offset by 
economies in use of power. Coasting recorders, a device to 
lecord the mileage covered while cars are operated without 
brakes and without power, have been introduced with good 
results. Previous to their installation this could only be esti- 
mated, and so estimated represented about 12 per cent, of the 
running time. The percentage where recorders have been in- 
stalled shows that the average coasting today approximates 
25 per cent, of the running time. It is estimated that when 
the entire system is so equipped an economy of more than 
$100,000 a year will be secured. The following tabulation 
shows the quantity of coal burned in 1920 as compared with 
that burned in the previous year: 

Date 1919 1Q20 

Tons Tons 

January 28,020 33,874 

February 24,990 26,045 

March 26,440 24,838 

April 24,396 ^1,073 

May 22,778 17,999 

June 20,775 16,426 

July 18,088 16,693 

August 20,817 16,617 

September 20,609 17,226 

October . . . . '. . . . 23,886 18,953 

November 26,131 22,955 

December 30,740 25,386 

Totals 287,670 258,085 

The number of pounds of coal consumed to generate 1 

kilowatt in 1920 was 2.346 as compared with 2.835 m I 9 I 9- 

Motorization of emergency, wire and wrecking service has 

been completed during the year. Motor trucks have been 

assigned to the several departments to save time in handling 

material and supplies. The introduction of motors has made 

it possible to consolidate stables and to dispense with vehicles 

and horses at an estimated annual saving of $85,000, 



• is 

Reference to the economies which have been named cannot 
be made with propriety without recognition of the fact that 
they would have been impossible but for the ability and re- 
sourcefulness of our general manager, the fidelity of chiefs of 
departments, and the endeavors of the men who worked in 
co-operation with them in the effort to keep expenses within 
the limits of revenue. The value of this team work in the 
struggle to meet the mounting costs of operation has been 
appreciated by the trustees. 

ACCIDENTS. 

The total cost of injuries and damages settled for during 
the year was $640,165.04, as compared with $701,907.28 during 
the previous year. 9390 accidents of the six leading classes in 
connection with operation were reported during the year. The 
average for the preceding three years was 10,777. 

IMPROVEMENTS IN SERVICE. 

The stern necessity for practicing every economy which 
does not injure the service in order to prevent deficits to be 
met from general taxation has made it difficult, in some cases 
impossible, to carry out in full the improvements which had 
been planned for this year in connection with the five-year 
program for betterment of the service. Material progress, 
however, has been made, and certain features of it may be 
mentioned. 

Seventeen miles of track have been reconstructed; 81 one- 
man cars of the most approved pattern have been purchased 
and put in commission; 105 additional center-entrance cars 
have been purchased and are to be delivered in 1921 ; 65 new 
steel cars have been bought to replace cars upon the elevated 



i6 

structure, and are to arrive in the summer; four-car trains 
are now running through the rush hours in the Cambridge 
subway and Dorchester tunnel; a new car house and new 
lobby have been constructed at Fields Corner; three addi- 
tional rotary converters have been bought for the equipment 
of substations connected with the power plant; a substantial 
number of machines for efficiency in maintenance of track and 
equipment have been purchased; and large preliminary ex- 
penditures have been made for the extension of yard facilities 
at Forest Hills and the construction of much-needed repair 
shops in Everett. 

Each of the last-named improvements when completed will 
materially increase the efficiency of the service and permit 
important economies. They represent adequate provision for 
requirements that have been long neglected, with resultant 
delays in travel and waste of revenue. Their importance is 
such that legislation is sought to make it possible to secure 
them. 

REAL ESTATE PURCHASES AND SALES. 

During the year four estates have been purchased for im- 
provements at the Gerrish Avenue terminal, and fourteen 
estates for improvements at the Forest Hills terminal ; there 
have been three cases of taking for the Everett Extension, 
and two claims for street changes have been settled. Diligent 
effort has been made to sell real estate not needed for railway 
purposes whenever a fair price can be secured. Negotiations 
have been conducted for the sale of twenty-nine parcels, and 
nine parcels have been sold for an aggregate of $95,631.26. 
Agreements have been made under which it is expected that 



17 

four additional parcels will be sold for a total of $209,000, and 
negotiations are progressing for the sale of additional parcels. 

SUBWAYS AND TUNNELS. 

It is expected that the Arlington Street station of the 
Boylston Street subway will be ready for use in June. The 
opening of this new door in what is essentially the street rail- 
way terminal of our metropolitan center will contribute 
directly to the better distribution of traffic, and indirectly 
encourage a desirable extension of the congested business 
district. 

The trustees are considering a change in conditions at the 
East Boston end of the East Boston tunnel for the proper 
accommodation of the people of that part of Boston and of 
outlying districts. The change suggested is the depression 
of the tunnel at Maverick Square, with suitable provision for 
transfer from the tunnel trains to the surface lines that con- 
nect with Chelsea, Orient Heights and Jeffries Point. 

Jf the recommendation presented to the Legislature in the 
recent report of the Department of Public Utilities, for the 
larger undertaking which involves the extension of this tunnel 
to Central Square, should receive legislative approval this 
depression of the tunnel would be an incident of it. If that 
project is not favored or is postponed the depression of the 
tunnel at Maverick Square can be made without waste or 
interference with any future extension of the tunnel. 

FARES. 
The answer to any inquiry as to the outlook for a lower fare 
is obvious. There is no prospect of any immediate reduction 
from 10 cents as the basic flat fare. 



i8 

While conditions have not permitted and will not soon per- 
mit a change in the basic io-cent fare, experiments have been 
made with a five-cent service without transfer on lines where 
the run is short, and where there is little competition with the 
io-cent lines, there being under such conditions no substantial 
invasion of revenue. The establishment of such a line be- 
tween City Point in South Boston and the South Station has 
been followed by a similar service between Sullivan Square 
in Charlestown and Hanover Street in Boston. 

The question of zone fares furnishes a topic of constantly 
recurring discussion. Suggestions of one kind and another 
about such fares are given careful consideration. Some modi- 
fication of the present system of flat fares with a view to a 
rate more nearly proportionate to the length of ride is not 
improbable when conditions are such as to warrant it. Mean- 
while experiment elsewhere with zone systems has not been 
encouraging. One reason may be that in order to establish 
some general theory these experiments have been inaugurated 
with an immediate and disrupting revolution in the accus- 
tomed order of things. Be that as it may, recent experiments 
with zone systems, now in Pennsylvania, then in New Jersey, 
again in Connecticut and elsewhere, have not given satisfac- 
tion. 

It is improbable that the flat fare upon this system will give 
way in the near future to any radical change through the 
substitution of mileage rates. Whatever may come to pass 
will be due to independent applications of the rule that fits 
the charge for riding to specific conditions when this can be 
done without unjust discrimination and without the elimina- 
tion of the reasonable advantages so long enjoyed under the 



19 

flat fare. No experiments of this kind, however, will be put 
into execution without seasonable notice to those interested. 

In this connection it should be noted that there has been 
a continuing advance in street railway fares all over the 
country. There are now 48 cities with a 10-cent rate. Of the 
cities still retaining a 5-cent rate only four have a population 
of more than 100,000, and two of these are facing immediate 
increases. The general advance has been rapid, and the trend 
continues everywhere toward 10 cents as a level. It is signifi- 
cant that the situation is the same whether the railway is in 
private hands, or there is, as in Cleveland, service at cost with 
large measure of public control, or, as in other cities, com- 
plete municipal ownership and management. 

The occasion for the advance in fares on street railways is 
not alone the greater cost of labor, materials and supplies, but 
as well a radical change in policy with reference to provision 
for depreciation. It is now generally admitted that no sane 
management would fail to set aside from current receipts a 
sufficient amount to meet renewal and replacement of prop- 
erty that is wearing out day by day. The practice of main- 
taining these properties by hand to mouth methods has 
proved disastrous and is being abandoned. 



20 

CAMBRIDGE SUBWAY PROCEEDS. 

The proceeds received from the sale of the Cambridge Sub- 
way amounted to $7,868,000. The disposition of this money- 
was made subject in the statute to the approval of the Depart- 
ment of Public Utilities. The Board of Trustees petitioned 
the Department of Public Utilities for authority to apply this 
sum toward the following expenditures : 

For the payment of Boston Elevated Railway Company 

bonds maturing March 1, 1920 $1,500,000.00 

For the payment of West End St. Railway Company 

bonds due Aug. 1, 1919 1,581,000.00 

For the payment of West End St. Railway Company 

notes due Feb. 1, 1920 375,000.00 

For the payment of additions and improvements to the 

Boston Elevated Railway Company's property . . 269,754.79 

For the payment of permanent additions to the West 

End Street Railway Company's property . . . 2,708,446.52 

For proposed improvements to the property of the Bos- 
ton Elevated Railway Company 2,500,000.00 

(a) Forest Hills Extension $500,000.00 

(b) Everett shops 500,000.00 

(c) Power plant additions 1,500,000.00 
For the payment of West End St. Railway Company 

bonds maturing Aug. 1, 1920 1,581,000.00 

After a hearing, the Department of Public Utilities directed 
the application of the fund to the following purposes : 

For the payment of Boston Elevated Railway Company 

bonds due March 1, 1920 $1,500,000.00 

For the payment of West End St. Railway Company 

bonds due Aug. 1, 1919 1,581,000.00 

For the payment of West End St. Railway Company 

notes due Feb. 1, 1920 375,000.00 

For the payment of West End St. Railway Company 

bonds due Aug. 1, 1920 1,581,000.00 

For the payment of permanent additions to West End 

St. Railway Company property 1,561,245.21 

For the payment of additions and improvements to 

Boston Elevated Railway Company property . . 269,754. 79 

Appropriated for Forest Hills terminal yard and Everett 

shops 1,000,000.00 

$7,868,000.00 



21 

The company's offices during this year have been estab- 
lished at 108 Massachusetts Avenue, Boston, with a resulting 
saving of office expense and greater convenience of arrange- 
ment. 

We annex a Certificate of Patterson, Teele and Dennis, 
Accountants, certifying to the correctness of the General 
Balance Sheet, Income Statement and Profit and Loss 
Account. 

JAMES F. JACKSON. 
WINTHROP COFFIN. 
STANLEY R. MILLER. 
SAMUEL L. POWERS. 
JOHN F. STEVENS. 

March 15, 1921. 



Boston, March 21, 1921. 



Mr. Tames F. Jackson, Chairman, \ _ 

J V \ Trustees, 

Mr. Winthrop Coffin, I „ . u1 , , 

,_ _ _, {Boston Elevated 

Mr. Stanley R. Miller, > ■ ., ~ 

, „ _ _ ( Railway Company, 

Mr. Samuel L. Powers, L x j „ , 

,, _ „ I Boston, Maw. 

Mr. John F. Stevens, j 



Sirs: ■ ', . _ .' 

We have examined the accounts of the Boston Elevated Rail- 
way Company for the year ending December 31, 1920, and we 
report upon the Company's financial statements for the year, 
presented herewith, as follows : 

Road and Equipment are shown at book values without 
adequate provision for depreciation prior to June 30, 19 18, but, 
in our opinion, the depreciation provided for the year under 
review, in pursuance of the plan for depreciation reserves there- 
after adopted by the Trustees, is adequate. 

The securities owned by the Company were produced for our 
inspection and are carried at cost values which, in some cases, 
exceed the market values. We have verified the current assets 
as shown by the books, and have satisfied ourselves that the 
liabilities are correctly stated. 

WE HEREBY CERTIFY that, subject to the foregoing 
comments, the accompanying Balance Sheet is in accordance with 
the books and correctly states the financial condition of the Bos- 
ton Elevated Railway Company at December 31, 1920; and that 
the operating results for the year 1920 are fairly presented in 
the accompanying Income and Profit and Loss Statements. 

Respectfully submitted, 

Patterson, Teele and Dennis, 
Accountants and Auditors. 



24 



GENERAL BALANCE SHEET. 



Debits. 


Dec. 31, 1920. 


Dec. 31, 1919. 


Dec. 31, 1918. 


Dec. 31, 1917. 


Investments. 










Road and equipment at beginning 










of year ..... 


$57,003,857.51 


$56,034,987.37 


$54,380,800.86 


$51,640,261.40 


Additions and betterments during 










the year ..... 


1,092,038.63 


968,870.14 


1,654,186.51 


2,740,539.46 


Total 


$58,095,896.14 


$57,003,857.51 


$56,034,987.37 


$54,380,800.86 


Cambridge Subway sold to Com- 










monwealth of Massachusetts 


7,868,000.00 


— 


— 


— 


Total 


$50,227,896.14 


$57,003,857.51 


$56,034,987.37 


$54,380,800.86 


Miscellaneous physical property 










(purchased from the West End 










St. Ry. Co. under Chap. 940, 










Acts of 1911) .... 


$864,186.40 


$922,880.16 


$946,025.57 


$988,311.10 


Investments in affiliated companies: 










Stocks 


201,509.72 


201,509.72 


201,509.72 


201,509.72 


Notes 


4,848,245.21 


— 


— 


— - 


Advances : 










West End St. Ry Co.: 










Road and equipment accounts 


1,562,414.49 


3,104,020.95 


451,878.14 


788,776.66 


Current account 


884,336.34 


884,336.34 


884,336.34 


884,336.34 


Other companies, road and 










equipment .... 


102,852.11 


102,852.11 


102,852.11 


102,852.11 


Total investments in affiliated 




' 






companies .... 


$7,599,357.87 


$4,292,719.12 


$1,640,576.31 


$1,977,474.85 


Other investments: 










Stocks 


2,501.00 


2,501.00 


2,501.00 


2,501.00 


Notes ...... 


91,400.00 


108,150.00 


132,850.00 


210,650.00 


Advances 


84,764.62 


91,643.11 


61,393.36 


41,036.19 


Total investments 


$58,870,106.03 


$62,421,750.90 


$58,818,333.61 


$57,600,773.98 



Continued on page 26. 



25 



GENERAL BALANCE SHEET. 



Credits. 


Dec. 31, 1920. 


Dec. 31, 1919. 


Dec. 31, 1918. 


Dec. 31, 1917. 


Capital stock (common) 


. 


$23,879,400.00 


$23,879,400.00 


$23,879,400.00 


$23,879,400.00 


Capital stock (preferred) 


. 


3,000,000.00 


3,000,000.00 


3,000,000.00 


— 


Premium on capital stock 


. 


2,707,428.13 


2,707,428.13 


2,707,428.13 


2,707,428.13 


Total stock 


$29,586,828.13 


$29,586,828.13 


$29,586,828.13 


$26,586,828.13 


Long Term Debt. 












Funded debt unmatured . 


• 


$28,086,000.00 


$29,586,000.00 


$26,586,000.00 


$26,586,000.00 


Mortgage note 




125,000.00 


125,000.00 


125,000.00 


125,000.00 


Non-negotiable debt to affiliated 
companies : 










Open account (West End S 
Railway Company) . 


treet 


1,214,948.88 


1,214,948.88 


1,214,948.88 


1,209,415.38 


Total long term debt 


$29,425,948.88 


$30,925,948.88 


$27,925,948.88 


$27,920,415.38 


Current Liabilities. 












Loans and notes payable 




$3,029,672.74 


$3,908,842.75 


$5,143,100.00 


$2,900,000.00 


Audited accounts and wages payable 


2,229,714.66 


2,211,876.65 


1,755,923.95 


1,592,312.87 


Matured interest, dividends, 
rents unpaid 


and 


789,640.07 


754,488.54 


1,004,730.50 


345,603.75 


Accrued interest, dividends, 
rents payable 


and 


861,808.32 


890,516.54 


831,507.00 


806,587.78 


Total current liabilities 


$6,910,835.79 


$7,765,724.48 


$8,735,261.45 


$5,644,504.40 



Continued on page 27. 



26 



GENERAL BALANCE SHEET — Concluded. 



Debits. 



Current Assets. 



Cash 



Deposits for interest, dividends 
and rents unpaid 

Special deposit of reserve fund, 
under chapter 159, Special Acts 
of 1918 

Loans and notes receivable 

Miscellaneous accounts receivable 

Material and supplies 

Interest, dividends and rents re- 
ceivable ..... 

Other current assets 

Total current assets 

Deferred Assets. 
Insurance and other funds 

Unadjusted Debits. 

Rents and insurance premiums paid 
in advance .... 

Discount on funded debt 

Other unadjusted debits 

Cost of service deficit for 12 months 
ending June 30, 1919, as pro- 
vided for by reserve fund, 
chapter 159, Acts of 1918 

Cost of service deficit for 12 months 
ending June 30, 1919, as pro- 
vided for by Commonwealth of 
Massachusetts, chapter 159, Acts 
of 1918 

Total unadjusted debits 

GRAND TOTAL . 



Dec. 31, 1920. 



Dec 31, 1919. 



$2,038,490.62 



788,434.57 



1.00 

376,746.97 

3,687,118.20 

26,410.07 
33,480.52 



$1,956,935.89 



753,283.04 



155.65 

343,674.96 

2,892,779.42 

17,316.38 
41,705.33 



Dec. 31, 1918. 



$924,941.39 
1,003,525.00 

510,000.00 

5,326.75 

297,587.13 

3,253,823.69 

13,725.50 
15,309.09 



Dec. 31, 1917. 



$6,950,681.95 $6,005,850.67 



$802,550.00 



$227,195.73 
323,187.84 
253,690.19 



1,000,000.00 



$806,976.67 



$321,528.77 
358,048.22 
233,924.93 



1,000,000.00 



3,980,151.67 3,980,151.67 



$5,784,225,43 



$72,407,563.41 



$5,893,653.59 



$75,128,231.83 



$6,024,238.55 



$835,750.00 



$68,819.87 
288,463.46 
141,239.58 



$498,522.91 



$66,176,845.07 



$1,005,157.42 



344,398.25 



5,002.47 

140,209.16 

2,225,997.47 

6,427.14 

24,884.97 



$8,752,076.88 



9835,750.00 



$145,993.64 

313,344.46 

81,023.49 



$540,361.59 



$62,728,962.45 



27 



GENERAL BALANCE SHEET — Concluded. 




1 Credit. 



GENERAL BALANCE SHEET. 

The fiscal year of the Board of Trustees as fixed by statute ends on June 
30th. The condition of the company on that date is therefore set forth in 
this Balance Sheet. 



Debits. 


June 30, 1920. 


June 30, 1919. 


June 30, 1918. 


Investments. 
Road and equipment: 








"Way and structures ...... 


$33,162,696.28 


$40,790,728.96 


$40,379,026.31 


Equipment 


5,404,040.70 


5,321,733.31 


4,873,148.76 


Power ......... 


9,060,009.10 


8,875,084.12 


8,558,469.48 


General and miscellaneous ..... 


1,721,244.99 


1,692,402.49 


1,546,688.84 


Total road and equipment 


$49,347,991.07 


$56,679,948.88 


$55,357,333.39 


Miscellaneous physical property ..... 


$896,568.29 


$922,880.16 


$988,748.94 


Investments in affiliated companies: 








Stocks 


201,509.72 


201,509.72 


201,509.72 


Notes 


1,581,000.00 


— 


— 


Advances : 








West End Street Railway Company, Toad and 
equipment ........ 


1,251,856.69 


1,029,235.65 


536,492.72 


West End Street Railway Company, suspense road 
and equipment ....... 


23,277.04 


23,277.04 


23,277.04 


West End Street Railway Company, current account 
Other companies, road and equipment 


884,336.34 
102,852.11 


884,336.34 
102,852.11 


884,336.34 
102,852.11 


Total investments in affiliated companies 


$4,044,831.90 


$2,241,210.86 


$1,748,467.98 


Other Investments: 










$2,501.00 


$2,501.00 


$2,501.00 




107,150.00 


132,250.00 


133,450.00 


Advances, road and equipment: 








Eastern Massachusetts Street Railway Co. . 


56,807.62 


44,957.42 


5,654.29 


Newtonville and Watertown St. Railway Co. 


34,835.49 


34,857.40 


29,077.04 


Total other investments ...... 


$201,294.11 


$214,565.82 


$170,682.33 


Total investments ....... 


$54,490,685.37 


$60,058,605.72 


$58,265,232.59 


Current Assets. 
Cash 


$5,498,821.96 


$1,928,079.39 


$590,465.39 


Special deposits: 








Deposits for interest, dividends and rents unpaid 


761,913.25 


767,484.71 


359,347.75 


Special deposit of reserve fund .... 


— 


— 


1,000,000.00 


Total special deposits 


$761,913.25 


$767,484.71 


$1,359,347.75 


Loans and notes receivable ...... 


5,001.00 


311.65 


5,671.10 


Miscellaneous accounts receivable ..... 


322,172.55 


357,681.91 


202,430.43 


Material and supplies ....... 


2,936,896.09 


2,812,270.16 


2,506,639.41 


Interest, dividends and rents receivable .... 


14,351.50 


13,541.58 


14,222.76 


Other currents assets ....... 


34,615.81 


20,096.48 


24,911.62 


Total current assets ...... 


$9,573,772.16 


$5,899,465.88 


$4,703,688.46 



Continued on page 30. 



GENERAL BALANCE SHEET. 



Credits. 



June 30, 1920. 



Stock. 
Capital stock: 

Common stock ....... 

Receipts outstanding for installments paid . 

Preferred stock ....... 

Total capital stock ...... 

Premium on capital stock ...... 

Total stock 

Long Term Debt. 
Funded debt unmatured: 

Miscellaneous Obligations : 

4 per cent. 30 yr. debenture bonds, due May 1, 1935 
4% per cent. 30 yr. debenture bonds, due Oct. 1, 1937 
4% per cent. 30 yr. debenture bonds, due Nov. 1, 1911 

5 per cent. 30 yr. debenture bonds, due Dec. 1, 1942 
G per cent. 5 yr, debenture bonds, due Mar. 1, 1924 

6 per cent. 1 yr. debenture bonds, due Mar. 1, 1920 

Total bonds 

Mortgage notes ......... 

Total funded debt unmatured .... 
Non-negotiable debt to affiliated companies: 

Open accounts not subject to current settlement: 
West End Street Railway Company, lease account 
West End Street Railway Co., cask suspense acct. 

Total non-negotiable debt to affiliated companies 

Total long term debt 

Current Liabilities. 

Loans and notes payable 

Audited accounts and wages payable . 

Matured interest, dividends and rents unpaid . 

Accrued interest, dividends and rents payable: 

Accrued interest on funded debt (Boston Elevated 
Railway Company) ..... 

Accrued interest on loans and notes payable 

Accrued 'rents, leased roads, West End Street Rail 
way Company ..... 

Accrued rents, leased roads, other companies 

Accrued rents t subway and tunnels (except Tre 
ment subway) 

Accrued interest on subscriptions to preferred stock 
Accrued interest on unpaid taxes 

Total accrued interest, dividends and rents 
payable 

Total current liabilities 



$23,879,400.00 



3.000,000.00 



$26,879,400.00 

2,707,428.13 



$29,586,828.13 



$8,500,000.00 
4,800,000.00 
5,000,000.00 
8,286,000.00 
1,500,000.00 



June 30, 1919. 



$23,879,400.00 



3,000,000.00 



$26,879,400.00 

2,707,428.13 



$29,586,828.13 



$8,500,000.00 
4,800,000.00 
5,000,000.00 
8,286,000.00 
1,500,000.00 
1,500,000.00 



June 30, 1918. 



$23,879,400.00 
1,050,000.00 



$24,929,400.00 

2,707,428.13 



$28,086,000.00 

125,000.00 



$28,211,600.00 

$1,207,201.98 
7,746.90 



$1,214,948.88 
$29,425,948.88 

$2,800,000.00 

1,209,731.91 

763,118.75 

215,660.42 
1,283.34 

569,072.37 
52,801.44 

153,428.76 



$29,586,000.00 
125,000.00 



$29,711,000.00 

$1,207,201.98 
7,746.90 



$992,246.33 



$5,765,096.99 



$1,214,948.88 
$30,925,948.88 

$4,619,278.95 

2,913,768.46 

768,690.21 

245,660.42 
1,690.78 

602,009.87 
9,847.14 

72,440,90 



$27,636,828.13 



$8,500,000.00 
4,800,000.00 
5,000,000.00 
8,286,000.00 



$26,586,000.00 

125,000.00 



$26,711,000.00 



$1,207,201.98 



$931,649.11 



$9,233,386.73 



$1,207,201.98 
$27,918,201.98 

$3,240,900.00 

1,884,353.66 

360,553.25 

185,660.42 
856.99 

588,428.62 
11,738.82 

55,674.02 

2,677.11 

20,010.86 



$865,046.84 



$6,350,853.75 



Continued on page 31. 






30 



GENERAL BALANCE SHEET — Concluded 



Debits. 


June 30, 1920. 


June 30, 1919. 


June 30, 1918. 


Deferred Assets. 
Insurance and other funds 


$802,550.00 


$835,750.00 


$835,750.00 


Total deferred assets 

Unadjusted Debits. 
Rents and insurance premiums paid in advance . 
Discount on funded debt (net) 

Cost of service deficit for 12 months ending June 30, 
1919, as provided for by reserve fund, chapter 159, 
Acts of 1918 

Cost of service deficit for 12 months ending June 30, 
1919, as provided for by Commonwealth of Massa- 
chusetts, chapter 159, Acts of 1918 .... 

Other unadjusted debits 


$803,550.00 

$346,321.75 
338,921.88 

1.000,000.00 

3,980,151.67 
257,631.84 


$835,750.00 

$357,344.50 
883,959.16 

1,000,000.00 

3,980,151.67 
193,120.36 


$885,750.00 

$44,455.45 
807,061.44 

119,122.23 


Total other unadjusted debits .... 
Total unadjusted debits 


$5,237,783.51 
$5,923,027.14 


$5,173,272.03 
$5,914,575.69 


$119,122.28 
$470,639.12 


GRAND TOTAL 


$70,790,034.67 


$72,708,397.29 


$64,275,310.17 



31 



GENERAL BALANCE SHEET — Concluded. 



Credits. 


June 30, 1920. 


June 30, 1919. 


June 30, 1918. 


Deferred Liabilities. 








Other deferred liabilities 


$46,608.75 


$27,712.62 


$67,878.64 


Total deferred liabilities .... 


$46,608.75 


$27,712.62 


$67,878.64 


Unadjusted Credits. 










$771,234.38 


$747,026.74 


$670,937.41 


Premium on funded debt ...... 


— 


— 


12,314.96 


Insurance and casualty reserves: 










$41,144.98 


$44,172.40 


$150,000.00 


Total insurance and casualty reserves . 


$41,144.98 


$44,172.40 


$150,000.00 


Operating reserves: 








Injury and damage reserve 


$933,886.78 


$956,421.63 


$731,765.42 


Equalization of operating expenses . 


418,343.98 * 


— 




Total operating reserves 


$515,542.80 


$956,421.63 


$731,765.42 


Accrued depreciation — road and equipment 


$426,431.19 


$1,066,993.50 


$616,323.98 


Other unadjusted credits: 








Outstanding tickets and checks 


$79,563.19 


$74,196.41 


$40,581.63 


Other unadjusted credits 


226,123.81 


129,648.16 


35,119.92 


Amount advanced by Commonwealth of Massachu- 








setts under chapter 159, Acts of 1918, account deficit 








in cost of service for 12 months ending June 30, 1919 


3,980,151.67 


— 


— 


Total other unadjusted credits .... 


$4,285,838.67 


$203,844.57 


$75,701.55 


Total unadjusted credits 


$6,040,192.02 


$3,018,458.84 


$2,257,043.32 


Corporate Surplus. 








Profit and loss, balance June 30, 1918 


$74,715.57 * 


$83,937.91 J 


$44,504.35 


Profit and loss, balance since June 30, 1918 


75.47 


— 


— 


Total corporate surplus 


$74,640.10 « 


$83,937.91 J 


$44,504.35 


GRAND TOTAL 


$70,790,034.67 


$72,708,397,291 


$64,275,310.17 



1 Credit. 



32 



INCOME STATEMENT. 



• 


12 Months 
ending 
Dec. 31, 1920. 


12 Months 

ending 

Dec. 31, 1919. 


12 Months 

ending 

Dec. 31, 1918. 


12 Months 

ending 

Dec. 31, 1917. 


Operating Income. 










Passenger revenue .... 


$33,096,763.69 


$28,752,675.38 


$20,337,459.92 


$19,008,052.05 


Special car revenue .... 


12,182.79 


14,868.73 


14,952.19 


22,888.57 


Mail revenue ..... 


737.10 


722.24 


815.47 


1,040.75 


Express revenue .... 


88,657.99 


89,002.98 


106,707.04 


108,757.27 


Miscellaneous transportation rev- 
enue 


4,383.17 


3,001.85 


2,846.47 


1,794.95 


Total revenue from transpor- 
tation ..... 


$33,202,724.74 


$28,860,271.18 


$20,462,781.09 


$19,142,533.59 


Station and car privileges 


$300,228.32 


$293,871.62 


$291,300.48 


$286,783.54 


Rent of tracks and facilities . 


39,059.11 


41,477.20 


38,822.62 


49,434.03 


Rent of equipment .... 


1,644.27 


5,209.45 


15,189.44 


7,006.04 


Rent of buildings and other property 


100,499.45 


82,514.36 


62,968.74 


60,839.24 


Power 


92,192.00 


46,349.33 


72,972.27 


54,129.75 


Miscellaneous ..... 


14,514.61 


74,898.45 


32,930.31 


133,149.77 


Total revenue from other rail- 
way operations 


$548,137.76 


$544,320.41 


$514,183.86 


$591,342.37 


Total railway operating rev- 
enues ..... 


$33,750,862.50 


$20,404,591.59 


$20,976,964.95 


$19,733,875.96 


Railway operating expenses: 










Way and structures 


$3,226,275.11 


$3,783,715.35 


$2,372,932.21 


$1,778,174.71 


Equipment .... 


4,033,850.42 


4,290,039.81 


3,142,368.70 


1,609,862.81 


Power ..... 


4,568,991.90- 


2,980,658.59 


2,604,365.66 


1,081,939.96 


Conducting transportation 


11,524,823.18 


10,530,882.29 


7,772,434.25 


6,522,360.05 


Traffic ..... 


3,357.91 


4,758.03 


9,167.34 


6,405.37 


General and miscellaneous . 


2,411,823.59 


2,110,285.34 


2,094,829.16 


1,948,381.38 



Total railway operating ex- 
penses 

Per cent, of operating expenses to 
operating revenues 

Per cent, of operating expenses to 
operating and non-operating in- 
come ...... 

Net revenue, railway operations . 
Taxes assignable to railway oper- 
ations 

Operating income . . . . 



$25,769,122.11 $23,700; 339.41 $17,996,097.32 $13,547,124.28 



76.35 

75.72 
$7,981,740.39 

$1,142,987.28 
$6,838,753.11 



80.60 

80.34 
$5,704,252.18 

$1,045,502.36 
$4,658,749.82 



85.79 

85.44 
$2,980,867.63 

$917,515.49 
$2,063,352.14 



68.65 

68.36 
$6,186,751.68 

$884,623.01 
$5,302,128.67 



33 



INCOME STATEMENT — Concluded. 



Non-Operating Income. 

Income from lease of road 

Dividend income . 

Income from funded securities 

Income from unfunded securities 
and accounts .... 

Income from sinking fund and 
other reserves . . . . 

Miscellaneous income 

Total non-operating income 
Gross income .... 

Deductions from Gross Income. 
Rent for leased roads: 
Went End Street Railway Co. . 
West End Street Railway Co., 

Treruo<nt Subway 
Other roads ..... 

Total rent for leased roads 

Miscellaneous rents .... 

Net loss on miscellaneous physical 

property ..... 

Interest on funded debt 

Interest on unfunded debt 

Amortization of discount on 
funded debt 

Miscellaneous debits 

Total deductions from gross 

income .... 

Net income transferred to credit 
of profit and loss i. 

Proportion of dividends . 

Net loss or gain (including 
proportion of dividends) 



12 Months 
ending 
Dec. 31, 1920. 



12 Months 

ending 

Dec. 31, 1919. 



$823.40 
9,180.00 
G,356.89 

233,379.60 

28,853.33 
2,180.72 



$823.40 
9,180.00 
6,289.50 

42,853.06 

33,280.00 
1,565.27 



12 Months 

ending 

Dec. 31, 1918. 



$280,773.94 
§7,110,527.05 



$2,590,258.15 

177,686.09 
48,303.71 



$93,991.23 
$1,752,741.05 



$2,540,892.94 

176,545.11 
57,793.99 



$823.40 
9,180.00 
6,667.00 

34,014.01 

33,280.00 
1,763.46 



$85,727.87 
$2,149,080.01 



2,514,318.25 

176,902.89 

60,992.88 



12 Months 

ending 

Dec. 31, 1917. 



323.40 
9,180.00 
23,121.73 

16,460.47 

33,280.00 
1,665.45 



$84,531.05 
$5,386,659.72 



$2,420,857.25 

183,957.82 
67,925.91 



$2,816,247.95 


$2,775,232.04 


$2,752,214.02 


$2,672,740.98 


$1,612,746.21 


$1,339,501.90 


$1,059,071.66 


$809,540.99 


9,325.77 


7,986.10 


9,136.03 


1,234.18 


1,307,018.75 


1,309,477.08 


1,120,787.46 


1,087,041.12 


207,945.23 


246,312,98 


181,369.68 


87,531.10 


34,860.38 


44,290.46 


i7,818.12 


5,826.69 


14,881.50 


8,070.37 


5,389.06 


5,238.80 


$6,003,025.79 


$5,730,870.93 


$5,135,786.03 


$4,669,153.86 


1,116,501.26 


978,129.88 1 


2,986,706.02 1 


717,505.86 


1,463,668.50 


1,403,970.00 


658,235.00 


835,779.00 


$347,167.24 1 


$2,382,099.88 * 


$3,644,941.02 * 


$118,273.14 1 



1 Credit. 



34 



PROFIT AND LOSS ACCOUNTS. 

APPLYING TO OPERATIONS TO JUNE 30, 1918 

Debit 

Debit balance at beginning of year $56,783.26 

Services of engineers in connec- 
tion with apportionment of cost 
of Cambridge Bridge . . . $3,000.00 

Preliminary engineering services in 
connection with construction of 
Cambridge Subway .... 9,474.90 

Additional income tax for 191 7 on 
West End Street Railway Com- 
pany 5,307-41 

Uncollectable accounts charged off 150.00 

Amounts eliminated from bills 
against West End Street Railway 
Company for additions and im- 
provements made during year 
ending June 30, 1918 . . . 59,582.78 

Amounts eliminated from capital 
accounts by Dept. of Public 
Utilities 35,430.26 

Amount paid in settlement of 
suit arising out of loss of S/S 
"Kennebec" 15,000.00 127,945.35 



Debit Balance December 31, 1920 .... $184,728.61 



35 



YEAR ENDING DECEMBER 31, 1920. 



APPLYING TO OPERATIONS SINCE JUNE 30, 1918 



Debit 



Debit balance at beginning of year 
Dividends on Preferred Stock: 
$3-5o per share on 30,000 shares 

paid July 1, 1920 
$3-50 per share on 30,000 shares 

paid Jan. 3, 1921 
Dividends on Common Stock: 
$1.25 per share on 238,794 shares 

paid April 1, 1920 . 
$1.25 per share on 238,794 shares 

paid July 1, 1920 
$i-37/^ P er share on 238,794 shares 

paid Oct. 1, 1920 
$i-37/^ P er share on 238,794 shares 

paid Jan. 3, 1921 



$105,000.00 
105,000.00 

298,492.50 
298,492.50 
328,34175 
328,341.75 



$459,007.54 



Total 



1,463,668.50 
$1,922,676.04 



Credit 

Refund of Corporation Income Tax on the Somer- 

ville Horse R. R. Co., paid June 30, 1919 
Credit balance transferred from Income Account 
Debit balance December 31, 1920 



Total 



$215.40 

1,116,501.26 

8o5,959-38 

$1,922,676.04 



SUMMARY OF PROFIT AND LOSS ACCOUNTS 

For operations to June 30, 1918 (debit balance) . . $184,728.61 

For operations since June 30, 1918 (debit balance) . 805,959.38 



Total (debit) December 31, 1920 



$990,687.99 



36 



OPERATING EXPENSES. 



Way and Structures. 

Back pay 

Superintendence of way and struc- 
tures: 

Surface 

Rapid transit lines 

Maintenance of track and roadway 
(except snow and ice) : 

Surface 

Rapid transit lines 
Removal of snow and ice: 

Surface 

Rapid transit lines 
Roadway structures: 

Surface 

Rapid transit lines 
Signal and telephone and telegraph 
liues: 

Surface 

Rapid transit lines 
Other miscellaneous way expenses : 

Surface ..... 

Rapid transit lines 

Maintenance of electric line equip- 
ment: 

Surface 

Rapid transit lines 

Maintenance of buildings, fixtures 
and grounds: 

Surface 

Rapid transit lines . 

Depreciation of way and structures 
surface and rapid transit lines 

Total way and structures 
surface and general 

Total way and structures 
rapid transit lines 



12 Months 
ending 
Dec. 31, 1920. 



12 Months 

ending 

Dec. 31, 1919. 



$166,223.23 
28,205.32 

1,384,439.20 
258,173,76 

593,007.71 
22,540.99 

42,868.72 
36,384.76 



31,663.13 
14,065.69 

19,163.99 



226,961.96 
37,528.09 

250,468.48 
97,580.08 

17,000.00 



12 Months 

ending 

Dec. 31, 1918. 



$165,118.79 
24,688.13 

2,501,285.11 
283,085.17 

14,346.40 
4,203.27 

35,803.15 
43,035.13 



17,595.94 
22,530.04 

80,608.36 



209,245.69 
42,012.62 



187,102.38 
109,855.17 

43,200.00 



12 Months 

ending 

Dec. 31, 1917. 



$7,000.00 

136,683.44 
15,095.35 

1,518,607.66 
140,621.08 

73,312.85 
4,600.81 

19,932.39 
43,083.20 

8,632.89 
13,922.53 

7,900.25 



129,559.48 
17,295.54 

114,288.58 
62,396.16 

60,000.00 



$2,731,796.42 
$494,478.69 



3,254,305.82 
$529,409.53 



$2,075,917.54 
$297,014.67 



$113,455.13 
11,573.65 

1,002,608.19 
122,565.05 

82,365.86 
4,711.80 

30,861.49 
15,720.84 



6,680.93 
11,314.50 

11,209.28 
15.93 



103,734.48 
13,918.58 

107,704.43 
59,734.57 

80,000.00 



$1,538,619.79 
$239,554.92 



37 



OPERATING EXPENSES — Continued. 



12 Months 12 Months 12 Months 
ending ending ending 



12 Months 
ending 



Dec. 31, 1920. Dec. 31, 1919. Dec. 31, 1918. i Dec. 31, 1917. 



Equipment. 










Back pay ...... 


— 


— 


$13,000.00 


— 


Superintendence of equipment: 










Surface 


$136,169.08 


$130,546.65 


$113,542.02 


$93,250.18 


Rapid transit lines . 


— 


— 


— 


— 


Maintenance of cars: 










Surface 


1,321,635.21 


1,217,514.99 


861,605.66 


666,685.08 


Rapid transit lines 


377,932.90 


332,935.89 


224,967.50 


181,583.49 


Maintenance of electrical equip- 










ment of cars: 










Surface 


$648,720.36 


$449,830.58 


$536,826.46 


$322,263.70 


Rapid transit lines 


155,588.94 


143,836.79 


91,962.97 


59,154.76 


Shop expenses: 










Surface : 


284,693.44 


254,115.33 


186,119.47 


126,630.01 


Rapid transit lines . 


42,266.13 


18,393.98 


20,746.55 


12,056.87 


Miscellaneous equipment, vehicles, 










horses, etc., surface and rapid 










transit lines .... 


44,844.36 


38,545.60 


28,928.07 


28,238.72 


Depreciation of equipment: 










Surface and rapid transit lines 


1,022,000.00 


1,704,320.00 


1,064,670.00 


120,000.00 


Total equipment, surface and 










general .... 


$3,458,062.45 


$3,794,873.15 


$2,804,691.68 


$1,357,067.69 


Total equipment, rapid transit 










lines 


$575,787.97 


$495,166.66 


$337,677.02 


$252,795.12 


Power. 










Back pay 


— 


— 


— 


$6.46 


Superintendence of power 


$85,059.57 


$78,597.01 


$06,594.42 


51,537.07 


Maintenance of power plants . 


457,635.12 


328,835.05 


290,313.23 


125,029.12 


Depreciation of power plant build- 










ings and equipment 


965,000.00 


256,480.00 


60,000.00 


120,000.00 


Operation of power plants 


3,061,297.21 


2,316,746.53 


2,187,458.01 


1,385,367.31 


Total power .... 


$4,568,991.90 


$2,980,658.59 


$2,604,365.66 

- — — > 


$1,681,939.96 

t : 



3« 



OPERATING EXPENSES — Continued. 





12 Months 
ending 
Dec. 31, 1920. 


12 Months 

ending 

Dec. 31, 1919. 


12 Months 

ending 

Dec. 31, 1918. 


12 Months 

ending 

Dec. 31, 1917. 


Conducting Transportation. 










Back pay 


— 


— 


$10,000.00 


— 


Superintendence of transportation: 










Surface 


$877,061.31 


$778,661.23 


$607,748.02 


$483,863.26 


Rapid transit lines . 


131,403.71 


91,570.29 


64,317.79 


48,386.14 


Passenger conductors, inotorinen 
and trainmen: 










Surface 


6,630,018.52 


5,950,016.61 


4,491,235.28 


4,045,111.66 


Rapid transit lines 


1,016,953.3S 


908,771.69 


617,703.76 


476,552.60 


Freight conductors, inotorinen and 
trainmen : 










Surface ..... 


15,715.67 


20,450.89 


29,912.31 


21,409.07 


Rapid transit lines . 


— 


— 


— 


— 


Miscellaneous car service employees : 










Surface 


86,130.55 


109,490.06 


58,596.80 


69,797.52 


Rapid transit lines . 


210,321.51 


158,145.52 


111,244.73 


75,495.13 


Miscellaneous car service expenses : 










Surface ..... 


177,008.75 


191,099.17 


143,868.17 


109,364.44 


Rapid transit lines . 


29,339.27 


45.0S7.54 


31,615.31 


23,193.60 


Station employees: 










Surface 


218,126.07 


2S1.890.49 


209,322.97 


187,354.97 


Rapid transit lines 


517,052.83 


538,103.76 


351,533.37 


262,795.01 


■Station expenses: 










Surface 


S2.-408.27 


65,305.24 


54,531.12 


36,536.14 


Rapid transit lines 


137,224.60 


133,807.86 


92,380.87 


64,575.41 


Car house employees : 










Surface 


746,615.35 


699,607.05 


488,167.22 


318,603.60 


Rapid transit lines 


174,311.30 


159,678.30 


105,004.51 


74,636.58 


Car house expenses: 










Surface 


67,665.40 


09,059.33 


43,862.65 


40,669.16 


Rapid transit lines . 


7,475.83 


6,239.11 


6,795.19 


6,319.37 


Operation of signal and telephone 
and telegraph lines : 










Surface ..... 


18,244.20 


17,748.72 


12,262.96 


12,465.02 


Rapid transit lines 


196,315.49 


151,143.08 


100,439.37 


73,679.11 



39 



OPERATING EXPENSES — Concluded. 



Other transportation expenses: 

Surface ..'... 

Rapid transit lines . 

Total conducting transporta- 
tion, surface 

Total conducting transporta- 
tion, rapid transit lines 



Traffic. 



Traffic 



General and Miscellaneous. 

Salaries and expenses of general 
officers and clerks 

General office supplies and expenses 
Law expenses .... 

Relief department, expenses, pen- 
sions and gratuities 

Miscellaneous general expenses 

Injuries and damages 

Insurance 

Stationery and printing . 

Store, garage and stable expenses 

Rent of tracks and facilities . 

Rent of equipment .... 

Total general and miscellaneous 

Total operating expenses 



12 Months 
ending 
Dec. 31 , 1920. 



$173,303.10 
11,524.08 



12 Months 
ending 
Dec. 31, 1019. 



12 Mouths 

ending 

Dec. 31,1018. 



$147,804.17 
7,202.18 



$9,092,897.28 
$2,431,925.90 

$3,357.91 

$408,825.79 

198,902.05 
35,041.44 

43,837.44 

75,865.07 

785,971.56 

372,849.38 

108,569.70 

350,969.92 

13,998.00 

16,001.35 



$2,411,823.59 
£25,769,122.11 



$8,331,132.96 
$2,199,749.33 

$4,758.03 

$380,588.64 

78,026.75 
20,142.84 

34,743.75 

68,041.20 

830,663.08 

274,052.74 

82,991.60 

294,184.04 

13,789.55 

23,160.25 



$2,110,285.34 
£23,700,339.41 



$135,057.21 
6,834.64 



$6,284,564.71 
$1,487,869.54 

$9,167.34 

$354,264.58 

69,027.07 
47,793.69 

39,146.02 
110,987.75 
904,895.09 
207,614.25 

85,499.43 
240,297.86 

11,311.15 

23,992.27 



$2,094,829.16 
$17,996,097.32 



12 Months 

ending 

Dec. 31, 1917. 



$87,385.22 

4,167.04 



$5,412,560.06 
$1,109,799.99 

$6,405.37 

$311,634.45 

63,368.35 

94,594:84 

32,985.94 

62,783.61 
949,969.20 
141,882.63 

66,835.57 

191,813.09 

7,797.78 

24,715.02 



$1,948,381.38 
$13,547,124.28 



40 



COMPARATIVE DIVISION OF EXPENDITURES. 

Year Ending Year Ending Year Ending Year Ending 

Dec. 31, 1920 Dec. 31, 1919 Dec. 31, 1918 Dec. 31, 1917 

Wages . $17,216,445-20 $15,539,105.59 $11,007,362.35 $8,988,580.99 
Materials and 

supplies . 3,310,858.94 3,640,065.60 3,248,317.15 2,269,099.61 
Injuries and 

damages . 640,165.04 701,907.28 792,783.96 834,981.76 

Depreciation 2,004,000.00 2,004,000.00 1,184,670.00 320,000.00 

Fuel . . 2,597,652.93 1,815,260.94 1,762,963.86 1,134,461.92 

Taxes . . 1,142,987.28 1,045,502.36 917,515-49 884,623.01 
Rent of Leased 

Roads . 2,638,561.86 2,598,686.93 2,575,311.13 2,488,783.16 
Subway and 

Tunnel rents 1,790,432.30 1,516,047-01 1,235,974-55 993,498.8i 
Int. on borrowed 

money . 1,514,963.98 i,555,790-o6 1,302,157.14 1,174,572.22 
Miscellaneous 

items . 59,067.65 60,346.93 22,343.21 12,299.67 

Dividends 1,463,668.50 1,403,970.00 658,235.00 835,779-00 

Loss 347,167.24 2,382,099.88 3,644,941.02 118,273.14 



41 



TRAFFIC STATISTICS. 

YEAR ENDING DECEMBER 31. 

1920 1919 1918 1917 

Round Trips 

Rapid Transit Passenger 

Cars 1,116,619 1,226,099 1,204,348 1,315,444 

Surface Passenger Cars 4,647,728 5,351,970 5,403,123 5,660,534 

Express Cars, etc., 6,345 10,157 14,987 15,312 



Total 5,770,692 6,588,226 6,622,458 6,991,290 

Revenue Miles 
Rapid Transit Passenger 

Cars 14,540,474 14,139,619 13,364,229 14,467,782 

Surface Passenger Cars 36,697,053 39,393,9°3 39,398,056 44,725,977 

Express Cars, etc., 106,635 175,020 239,283 247,295 

Sprinkler Cars 15,693 12,707 20,248 14,639 



Total 51,359,855 53,721,249 53,021,816 59,455,693 

Revenue Car Hours 
Rapid Transit Passenger 

Cars 984,150 978,591 893,657 081,867 

Surface Passenger Cars 3,643,145 3,770,727 3,748,073 4,343,689 

Express Cars, etc., 10,218 16,765 23,675 23,825 

Sprinkler Cars 1,516 1,017 1,873 i,479 



Total 4,639,029 4,767,100 4,667,278 5,35o,86o 

Passengers Carried 
Revenue Passengers on 
Rapid Transit and 
Surface Cars 335,526,561 324,758,685 348,664,700 381,017,338 



42 



MILEAGE OF TRACK. 

Total track owned by and leased from the West End 

St. Ry. Co., December 31, 1919 

Additions for extensions during the year 

Total 

Reduction for track taken up or transferred during 
the year 

Net Length of Track owned by and leased from 
The West End Street Ry. Co., Dec. 31, 1920 . 

Leased from other companies 

Operated under trackage privileges 

Surface track on B. E. Ry. Co. property 

Total track for Surface cars 

Total track for Rapid Transit cars 

Total Track, Dec. 31, 1920 

Which is made up as follows: 

For For Rapid 

Surface Cars Transit Cars 

Length of main lines . 231.358 miles 16-804 miles 

Length of second track . 197.349 " 16.366 " 

Length of sidings, car- 
house curves, cross- 
overs, etc., . . . 10.848 " 3.045 

Length of track in car- 
houses and yards . . 52.643 " 6.946 " 

Totals. . . . 492.198 " 43.161 " 
The total length of surface track in reservations is . 
The total length of surface track built with heavy 
girder rail is 



425.891 : 


miles 


3-374 


h 


429.265 


n 


2.785 


a 


426.480 


it 


38.995 


tt 


3.708 


it 


23.015 


tt 


492.198 


it 


43.i6i 


tt 



535-359 



45.i8 
456.704 



43 



DECEMBER 31, 1920. 



5.400 

3.782 

3.016 


miles 

u 

«< 



The total length of track in subways and tunnels used 
for surface cars is as follows: 
Tremont Subway .... 
East Boston Tunnel and Extension 
Boylston Subway .... 

Total Length of Track in Sub- 
ways used for surface cars is 12.198 miles 
The total length of track in subways and tunnels used 
for rapid transit trains is as follows: 



miles 



Washington Tunnel . 


>• 


2.326 ] 


Cambridge-Dorchester Tunnel 






Cambridge Subway proper 






and incline to bridge 


4-743 


] 


Cambridge Bridge and El- 






evated Connection . 


1.029 




Cambridge Connection (Bea- 






con Tunnel) 


.965 




Dorchester Tunnel 


4.628 


11-365 



Total Length of Track in 
Subways and Tunnels 
used for Rapid Transit 
Trains is 13.691 miles 

The total length of track in all Subways and Tunnels is 25.889 miles 

The total length of surface track in the Cambridge 

Subway is .723 " 

The total length of surface track in the Dorchester 

Tunnel and at Andrew Station is .... .635 " 

The total length of track on the East Cambridge Via- 
duct and connection is 2678 " 



44 



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4 6 



SUMMARY OF STOCKHOLDERS OF RECORD. 



State. 
Massachusetts 



December 31, 1920 



COMMON. PREFERRED. 

No. Stockholders. Shares. No. Stockholders. Shares. 



5o8o 



212,794 



3-103 



27,279 



Alabama 

California 

Colorado 

Connecticut 

Delaware 

District of Columbia 

Florida 

Georgia 

Illinois 

Indiana 

Iowa 

Kansas 

Kentucky 

Maine 

Maryland 

Michigan 

Minnesota 

Missouri 

Montana 

New Hampshire 

New Jersey 

New Mexico . 

New York . 

North Carolina 

North Dakota . 

Oklahoma 

Ohio . . . 

Pennsylvania 

South Dakota . 

Rhode Island . 

Tennessee 

Texas 

Vermont 

Virginia 

Washington 

West Virginia 

Wisconsin 



Cuba 



Otheb States 




2 


22 




43 • 


1,381 • 


16 


5 • • 


523 ■ 


1 


71 • 


2,244 • 


30 


1 


10 




24 • ■ 


1,108 . 


9 


12 • 


316 . 


4 


3 • • 


50 • 


2 


24 • . 


540 • 


5 


2 


146 . 


1 


2 


5 • 


1 


1 


12 . 


I 


I • 


10 




104 • 


3,6i9 • 


40 


5 • ■ 


67 • 


2 


8 • 


173 • 


5 


7 • 


78 • 


1 


7 • ■ 


181 . 


3 


1 


2 




170 . 


3,279 • 


80 


19 . 


257 . 


2 


1 


10 




180 . 


7,543 • 


78 


1 


10 




1 


10 




3 • 


25 




11 


408 . 


3 


48 . 


1,032 . 


14 


1 


50 




43 • 


1,461 . 


23 


2 • 


11 


1 


3 • 


23 • 


1 


28 • 


333 • 


11 


5 • 


81 . 


3 


7 • 


68 . 


3 


2 . 


8 




8 . 


143 • 


1 


856 . 


25,239 . 


341 


1 • 


25 





135 

2 
307 

6l 
18 
II 

57 
6 

30 
2 

342 



48 

4 
18 

313 
9 

009 



57 
.Si 

188 

1 

3 

30 

12 

13 

13 

2,649 



47 



Province. No. 

Quebec .... 

Ontario .... 
New Brunswick . 
Nova Scotia 
British Columbia . 
Saskatchewan 
Prince Edward Island 
Alberta .... 



British Provinces 

COMMON. 

Stockholders. Shares. No. 



22 



407 

41 

13 

42 

8 

15 

5 

10 



54i 



PREFERRED. 

Stockholders. Shares. 

5 • • 54 



1 
12 



67 



England 

Denmark 

Ireland 

France 

Italy 

Belgium 



European Countries 

3 . . 20 . 

1 . . 30 

1 • • 5 

3 • • 20 

1 10 

1 • • 50 



10 



135 



Nicaragua 
China 



Central America 
1 • • 35 



Asia 



25 



Recapit ulation 



Massachusetts 
Other States 
Cuba .... 
British Provinces . 
European Countries 
Central America 
Asiatic Countries 



5,580 
856 
1 

22 

10 

1 

1 

6,471 



212,794 . 


• 3,103 


25,239 • 


341 


25 




541 • 


8 


135 • 


3 


35 




25 




238,794 • 


• 3,455 



27,279 
2,649 

67 

5 



30,000 



4 8 



BOSTON ELEVATED RAILWAY COMPANY, 

TRUSTEE. 

STATEMENT OF SPECIAL TRUST FUND 
DECEMBER 31, 1920 

Principal of Trust Fund as established .... $1,500,000.00 

Accretions and accumulations of income to, December 

3Ij 1920 561,124.94 

Total $2,061,124.94 



Investment in marketable securities and real estate . $2,058,590.18 
Cash 2,534.76 

Total $2,061,124.94 



The above Trust Fund is held by the Boston Elevated Rail- 
way Company under Chapter 740, Acts of 191 1, "An Act to 
authorize the consolidation of properties and franchises of the 
Boston Elevated Railway Company and the West End Street 
Railway Company," and represents the proceeds from the 
sale to the Boston Elevated Railway Company of real estate 
of the West End St. Ry. Company, which was not required in 
the conduct of the business. The amount so received ($1,500,- 
000) is to be held by the Boston Elevated Railway Company 
and invested by it and allowed to accumulate until the tenth 
day of June, 1922, when the consolidation of the two com- 
panies is to take place. Thereafter, the annual income there- 
from shall be applied toward the purchase and retirement of 
the second preferred stock of the Boston Elevated Company. 
No part of this fund or its income can be used for any other 
purpose. 



ANNUAL REPORT 



OF THE 



PUBLIC TRUSTEES OF THE BOSTON 
ELEVATED RAILWAY 



FOR THB 



Year ending December 31, 1921 



BOSTON 

WRIGHT & POTTER PRINTING COMPANY 

32 DERNE STREET 

1922 



ANNUAL REPORT 



OF THE 



PUBLIC TRUSTEES OF THE BOSTON 
ELEVATED RAILWAY 



FOR THE 



Year ending December 31, 1921 



BOSTON 

WRIGHT & POTTER PRINTING COMPANY 

32 DERNE STREET 

1922 



REPORT OF THE BOARD OF PUBLIC TRUSTEES 
OF THE BOSTON ELEVATED RAILWAY. 



To the Honorable Senate and House of Representatives. 

Pursuant to the provisions of chapter 185 of the Special Acts of 
1919, as amended by chapter 108 of the Special Acts of 1921, the 
public trustees of the Boston Elevated Railway respectfully submit 
their third annual report. 

Result of Operation. 

Complete statements showing the results of operation for the 
calendar year which closed with the thirty-first day of December, 
1921, are appended to this report. 

Briefly it may be said that after making allowance for delayed 
charges and credits applying to the operations of previous years, 
the receipts for the calendar year exceeded the cost of service by 
$1,117,621.33. In the preceding calendar year the cost of service 
had exceeded receipts by $346,951.84. On the thirty-first of Decem- 
ber, 1920, as explained in our report for that year, there were also 
outstanding deficits carried over from the year 1919 that amounted 
to $459,007.54. These obligations, totaling $805,959.38, have been 
met and $311,661.95 paid into the reserve fund as required by law. 

That the improved financial standing is appreciated is shown in 
the recent placing at a premium of a refunding issue of West End 
bonds bearing 6J per cent interest. 

When the trustees in the summer of 1918 took over this railway 
they assumed a double task. They were directed to establish 
fares that would provide revenue sufficient to meet the costs of opera- 
tion and to put the property in a good operating condition. This 
was to be done in the face of a higher scale of wages and of mount- 
ing prices of supplies and materials, and with a railway that had 
been exhausted in the effort to maintain service under a 5-cent fare. 
Three years and a half have elapsed. At the end of the first year, 
•during which a 5, then a 7 and finally an 8 cent fare was in force, 



an operating deficit of approximately $5,000,000 had accumulated, 
which was met from the reserve fund and general taxation in the 
cities and towns served by the railway. In the second year, with 
a universal 10-cent fare in force, revenue practically met expenses. 
In the calendar year just closed, as already stated, receipts have 
exceeded expenditures by approximately $1,117,000. 

With the establishment of the railway upon a self-supporting 
basis public interest has been awakened to the prospect of repay- 
ment to cities and towns of the amounts advanced by them to meet 
the deficit of the first year of public operation. Under the provi- 
sions of the public control act the general 10-cent fare cannot be 
replaced by a lower fare until this repayment has been made. On 
the first of next July surplus receipts, after the payment of costs of 
service and of the balance due the reserve fund, should approximate 
at least $500,000, and with favorable weather conditions prevailing 
the balance will no doubt be substantially larger. Under the statute 
this surplus must be used in reimbursing the cities and towns. The 
balance of the loan could possibly be paid in the following year, in 
any event at an early day thereafter. 

Receipts and Expenditures. 
The following comparative table presents a summary of receipts 
and expenditures for the past and preceding years : — 






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6 



Comparative Passenger Statistics. 

Revenue Passengers carried. 



Year. 


Week Day 
Average. 


Saturday 
Average. 


Sunday 
Average. 


Holiday 
Average. 


Total for 
Year. 


1915 


992,283 


1,140,046 


685,726 


846,860 


352,469,586 


1916 . 










1,050,038 


1,218,749 


718,804 


832,962 


373,577,908 


1917 . 










1,073,943 


1,249,588 


728,847 


857,902 


381,017,338 


1918 . 










985,384 


1,147,809 


658,902 


775,634 


348,664,700 


1919 . 










934,918 


1,078,635 


596,182 


706,429 


324,758,685 


1920 . 










960,737 


1,072,319 


• 591,063 


703,634 


335,526,561 


1921 . 










975,745 


1,068,295 


578,860 


696,691 


337,252,080 



Notwithstanding the general lessening of traffic upon railroads and 
railways, which began with the industrial depression last spring, 
on the Boston Elevated there has been an increase in the number of 
passengers carried. This has been due in large measure to the 
experimental operation of 5-cent surface lines for short distance travel 
without transfer. The number of passengers now riding for a 5-cent 
fare is 18 per cent of the total riding. With the establishment of 
additional lines to be in operation during this and next month, 
the number will undoubtedly exceed 20 per cent of the total riding. 
This limited local service adds to the usefulness of the railway 
without imposing material burden upon those who pay the basic 
10-cent fare. The experiment with this service has attracted the 
attention of transportation experts in many large cities. It may 
well lead to the adoption of some plan for a general reduction in 
fares upon an equitable distribution of the charge for riding. 

The operating costs of 1921 reflect lower prices of coal and mate- 
rials, decrease in wages, the less severe conditions of the winter sea- 
son, and changes that have promoted efficient operation. The 
division of expenditures is graphically shown in the annexed chart. 



j) 



*v 



\i 



V 



Boston Elevated Railway 

Allocation of Receipts 
per passenger 
12 Months Ending December 3L 132 1. 

Average Receipts per Revenue Passenger 



9.867** 



X 



» . omi 



»-4 



-4 ni> 









3?*3Sft 






^ 



*r 






Oj* 



t* 



.735^ 



^S 



°*Q 









Coau ^ 

^'f^' Material 
/anoOther Items] 

.933^ 






LABOR 



;taxes\ 




8 



Power. 

The power plant has been improved through installation of new 
equipment, such as air compressors, soot blowers, reactance coils, 
air washers, feed pumps and rotary converters. Fewer tons of coal 
have been burned during the last year than in any of the years 
given in the following comparative table, which shows the price of 
coal per ton and the unit of efficiency of the coal burned : — 







1921. 


1920. 


1919. 


1918. 


1917. 


1916. 


1915. 


Tons of coal burned .... 


215,870 


258,087 


287,670 


281,677 


270,452 


254,735 


244,912 


Pounds of coal per kilowatt hour 


2.174 


2.353 


2.835 


2.772 


2.309 


2.256 


2.321 


Average price of coal per ton 


$7 71 


$10 07 


$5 91 


$6 26 


$4 19 


$3 35 


$3 39 


Net cost of power for car service per 

kilowatt hour (cents). 
Net cost of power per total revenue 

car mile (cents). 


1.172 

4.815 


1.921 

8.538 


1.307 
5.439 


1.158 
4.668 


.620 
2.573 


.534 
2.137 


.517 
1.972 



Road and Equipment. 

The proportionate part of the work to be done under the program 
adopted for improvements necessary to fit the railway for efficient 
operation has been accomplished. 

During the year 27.242 miles of track have been constructed and 
13.88 miles improved by extensive repairs. 

One hundred and five modern center entrance cars have been re- 
ceived and placed in service, and 46 of the 65 steel cars which were 
ordered to replace an equivalent number of wooden cars in use on 
elevated lines have been received. Several large snow ploughs have 
been added to the equipment. The list of useless equipment has 
been lessened by the disposal of obsolete cars, snow ploughs, trucks 
and miscellaneous equipment. 



Rapid Transit Development. 

The Arlington station of the Boylston Street subway was opened 
on the 13th of November. About 8,000 persons now enter or leave 
this station daily. The construction cost was large, as the work 
was done during the period of high costs. This new door to the 
railway terminal contributes to the better distribution of traffic, 
encourages a desirable extension of the crowded business district, 



9 

and provides a direct, safe and convenient access to the Public Gar- 
den. The two last named have a public value independent of finan- 
cial return. 

In extending the platform connected with this structure toward 
Berkeley Street, those interested in the upbuilding and development 
of business interests in this locality have relieved the car riders dur- 
ing the period of public control of subway rental arising from addi- 
tional cost of construction. 

Minor improvements for relief of congestion have been made in 
the Tremont Street subway by the alteration of the stairways at the 
Park Street station. The trustees have requested the Boston Transit 
Department to make other changes of that kind, for example, the 
enlargement of the stairway leading from the inbound platform of 
the Cambridge subway to the platform of the Park Street station. 
At the Park Street and the Boylston Street stations platforms have 
been arranged in the interest of greater clearance and safety. 

The platform accommodation originally provided in the station 
at Harvard Square has long been utterly inadequate for its purpose. 
This defect is the occasion of deplorable inconvenience and confusion 
in the loading of cars. Three sets of plans to remedy the evil have 
been completed by the railway engineers, one calling for an expendi- 
ture of $160,000, another of $565,000, and a third of $365,000. 
These plans are ready for submission to such public board as may be 
given authority to deal with the situation in behalf of the Common- 
wealth. 

Actual construction of the terminal station of the East Boston 
tunnel at Maverick Square is underway by the Transit Department. 
When completed, this will permit a much increased service through 
the tunnel. 

The trustees have also taken part in the work of the Joint Board, 
consisting of the Department of Public Utilities and the Transit 
Department of Boston, in the adoption of a practical plan to provide 
for an extension of rapid transit service in Dorchester. 

The terminal yard at Forest Hills has been completed, and the 
operation of trains from this yard began on the 9th of November. 
This means efficient operation of the main line, reduces the likelihood 
of serious results should the Charlestown bridge become disabled, 
and annually lessens operating costs by eliminating nearly 1,000,000 
miles of dead mileage. 



10 

Two exceedingly important and far-reaching changes in rapid 
transit are now pending. One involves virtually a new transit 
thoroughfare for the operation of three-car trains from a terminal 
at Braves Field, Allston, through the Boylston Street and Tremont 
Street subways and over the East Cambridge Viaduct to Lechmere 
Square, Cambridge, where a new terminal is being constructed. 
This change will substitute one large unit for several small units, 
and through the use of trains with additional cars will mean more 
frequent, rapid and regular service, that will materially relieve the 
congestion in the subway, which is the subject of continual annoy- 
ance and well-founded complaint. The other change is that proposed 
in the lines operating on Huntington Avenue through the substitu- 
tion of train for single car service. It is a preliminary step toward 
making this a rapid transit thoroughfare from Park Street to Brook- 
line Village, at which point passengers will transfer from cars on out- 
lying lines in the same manner as at points that connect with rapid 
transit divisions. The use of the highway reservation in which these 
cars will operate for a large part of the way lends itself to the devel- 
opment of rapid transit. 

It is expected that the change in service over Huntington Avenue 
will become effective on the 6th of February, 1922. The improve- 
ment in service between Lechmere Square and Braves Field has been 
delayed to await the outcome of proceedings in connection with the 
determination of certain differences affecting local interests, which 
it is hoped will not long interfere with the large benefits that its con- 
summation will bring to the general public. 

The vital fact is that these two improvements furnish the only 
known way of relieving the congestion in the Tremont Street subway 
until a permanent remedy is provided through the enlargement of 
the facilities which this subway affords. 

In the return to a better financial footing, with assurance of ability 
to procure sufficient revenue to meet the costs of service, the trustees 
welcome the opportunity to deal more liberally with questions of 
accommodation for the public and less attention to drastic measures 
aimed merely at economies. It is now possible, without abandon- 
ment of business methods or disregard of economies that make for 
efficient service, to decide upon their merits requests involving addi- 
tional usefulness and larger convenience for the car-riding public. 

Recommendations for legislation have been duly filed in accord- 



11 

ance with law and now appear as House Document No. 63. One of 
them relates to the issue of bonds to provide capital for the comple- 
tion of repair shops at Everett. The shops now in use are the 
inheritance of horse-car days, wholly unfit to meet everyday needs 
in painting, repairing and caring for rolling stock. The annual 
saving that would follow the use of the shops which have been 
planned would be very large. 

JAMES F. JACKSON. 

WINTHROP COFFIN. 

STANLEY R. MILLER. 

SAM'L L. POWERS. 

JOHN F. STEVENS. 

Jan. 26, 1922. 



12 



General Balance Sheet. 



Debits. 



Dec. 31,1921. Dec. 31, 1920. Dec. 31, 1919 



Investments. 
Road and equipment* 

Way and structures 

Equipment . . 

Power 

General and miscellaneous 

Total road and equipment 

Miscellaneous physical property 

Investments in affiliated companies* 

Stocks 

Notes 

Advances: 

West End Street Railway Company, road and equip- 
ment. 

West End Street Railway Company, suspense road 
and equipment. 

West End Street Railway Company, current account 

Other companies, road and equipment 
Total investments in affiliated companies 
Other investments: 

Stocks 

Notes 

Advances, road and equipment: 
Eastern Massachusetts Street Railway Company 
Newtonville and Watertown Street Railway Company 

Total other investments 

Total investments 

Current Assets. 



Cash 
Special deposits: 
Deposits for interest, dividends and rents unpaid 

Total special deposits 
Loans and notes receivable 
Miscellaneous accounts receivable 
Material and supplies 
Interest, dividends and rents receivable 
Other current assets .... 

Total current assets 



$34,344,346 80 
6,503,176 98 
9,330,904 31 
1,768,771 83 



$33,478,504 96 
5,860,282 11 
9,152,496 45 
1,736,612 62 



$40,881,079 20 
5,395,383 53 
9,007,407 92 
1,719,986 86 



$51,947,199 92 
$619,319 33 

$201,509 72 
4,848,245 21 

349,421 95 

504,588 16 

884,336 34 

102,852 11 



$6,890,953 49 

$2,501 00 
86,700 00 

120,740 65 



$209,941 65 
$59,667,414 39 

$1,320,913 37 

$769,146 63 



$769,146 63 

430 98 

227,734 19 

3,251,416 43 

30,308 96 

35,716 13 



$5,635,666 69 



$50,227,896 14 
$864,186 40 

$201,509 72 
4,848,245 21 

1,524,170 90 

38,243 59 

884,336 34 

102,852 11 



$7,599,357 87 

$2,501 00 
91,400 00 

84,764 62 



$178,665 62 
$58,870,106 03 

$2,038,490 62 



,434 57 



$788,434 57 

1 00 

376,746 97 

3,687,118 20 

26,410 07 

33,480 52 



$6,950,681 95 



$57,003,857 51 
$922,880 16 

$201,509 72 



3,080,743 91 

23,277 04 

884,336 34 

102,852 11 



$4,292,719 12 

$2,501 00 
108,150 00 

56,807 62 
34,835 49 



$202,294 11 
$62,421,750 90 

$1,956,935 89 

$753,283 04 



$753,283 04 

155 65 

343,674 96 

2,892,779 42 

17,316 38 

41,705 33 



$6,005,850 67 



13 



General Balance Sheet. 



Credits. 


Dec. 31, 1921. Dec. 31, 1920. 


Dec. 31, 1919. 


Stock. 
Capital stock: 








Common stock 


$23,879,400 00 


$23,879,400 00 


$23,879,400 00 


Preferred stock ........ 


3,000,000 00 


3,000,000 00 


3,000,000 00 


Total capital stock 


$26,879,400 00 


$26,879,400 00 


$26,879,400 00 


Premium on capital stock 


2,707,428 13 


2,707,428 13 


2,707,428 13 


Total stock 


$29,586,828 13 


$29,586,828 13 


$29,586,828 13 


Long Term Debt. 
Funded debt unmatured: 








Miscellaneous obligations: 








4 per cent, 30-year debenture bonds, due May 1, 1935 


$8,500,000 00 


$8,500,000 00 


$8,500,000 00 


4K per cent, 30-year debenture bonds, due Oct. 1, 1937 


4,800,000 00 


4,800,000 00 


4,800,000 00 


4K percent, 30-year debenture bonds, due Nov. 1, 1941 


5,000,000 00 


5,000,000 00 


5,000,000 00 


5 per cent, 30-year debenture bonds, due Dec. 1, 1942 


8,286,000 00 


8,286,000 00 


8,286,000 00 


6 per cent, 5-year debenture bonds, due March 1, 1924 


1,500,000 00 


1,500,000 00 


1,500,000 00 


6 per cent, 1-year debenture bonds, due March 1, 1920 


- 


. - 


1,500,000 00 


Total bonds .... 


$28,086,000 00 


$28,086,000 00 


$29,586,000 00 


Mortgage notes 


125,000 00 


125,000 00 


125,000 00 


Total funded debt unmatured .... 


$28,211,000 00 


$28,211,000 00 


$29,711,000 00 


Non-negotiable debt to affiliated companies: 








Open accounts not subject to current settlement: 








West End Street Railway Company, lease account . 


$1,207,201 98 


$1,207,201 98 


$1,207,201 98 


West End Street Railway Company, cash suspense 
account. 


7,746 90 


7,746 90 


7,746 90 


Total non-negotiable debt to affiliated companies 


$1,214,948 88 


$1,214,948 88 


$1,214,948 88 


Total long term debt . 


$29,425,948 88 


$29,425,948 88 


$30,925,948 88 


Current Liabilities. 
Loans and notes payable 


$2,463,372 13 


$3,029,672 74 


$3,908,842 75 


Audited accounts and wages payable . . *. . 


1,208,320 20 


2,229,714 66 


2,211,876 65 


Matured interest, dividends and rents unpaid 


770,352 13 


789,640 07 


754,488 54 


Accrued interest, dividends and rents payable: 








Accrued interest on funded debt (Boston Elevated Rail- 
way Company). 
Accrued interest on loans and notes payable 


$216,441 67 
1,726 74 


$216,441 67 
3,224 81 


$245,660 42 
959 29 


Accrued rents, leased roads, West End Street Railway 

Company. 
Accrued rents, leased roads, other companies 


519,834 87 
8,067 30 


519,834 87 
7,556 67 


569,072 37 
34,510 20 


Accrued rents, subway and tunnels (except Tremont 

Street subway). 
Accrued interest on unpaid taxes 


116,755 02 
2,896 00 


105,579 46 
9,170 84 


31,493 83 
8,820 43 


Total accrued interest, dividends and rents payable 


$865,721 60 


$861,808 32 


$890,516 54 


Total current liabilities 


$5,307,766 06 


$6,910,835 79 


$7,765,724 48 



14 



General Balance Sheet — Concluded. 



Debits. 


Dec. 31, 1921. 


Dec. 31, 1920. 


Dec. 31, 1919. 


Deferred Assets. 
Insurance and other funds 


$802,550 00 


$802,550 00 


$806,976 67 


Unadjusted Debits. 
Rents and insurance premiums paid in advance 
Discount on funded debt (net) 

Other unadjusted debits: 

Cost of service deficit for twelve months ending June 
30, 1919, as provided for by Reserve Fund, chapter 
159, Special Acts of 1918. 

Cost of service deficit for twelve months ending June 
30, 1919, as provided for by Commonwealth of Mas- 
sachusetts, chapter 159, Special Acts of 1918. 

Other unadjusted debits 


$802,550 00 

$129,100 42 
291,719 76 

$688,338 05 

3,980,151 67 

203,072 29 


$802,550 00 

$227,195 73 
323,187 84 

• 

$1,000,000 00 

3,980,151 67 

253,690 19 


$806,976 67 

$321,528 77 
358,048 22 

$1,000,000 00 

3,980,151 67 

233,924 93 


Total other unadjusted debits 

Total unadjusted debits 

Total debits '. . . 


$4,871,562 01 
$5,292,382 19 

$71,398,013 27 


$5,233,841 86 
$5,784,225 43 

$72,407,563 41 


$5,214,076 60 
$5,893,653 59 

$75,128,231 83 



15 



General Balance Sheet — Concluded. 



Credits. 


Dec. 31, 1921. 


Dec. 31, 1920. 


Dec. 31, 1919. 


Deferred Liabilities. 








Other deferred liabilities 


$38,952 50 


$53,159 31 


$36,491 33 


Total deferred liabilities 


$38,952 50 


$53,159 31 


$36,491 33 


Unadjusted Credits. 








Tax liability 


$733,233 02 


$397,731 37 


$333,411 63 


Insurance and casualty reserves: 










- 


$40,382 59 


$42,811 29 


Total insurance and casualty reserves 


- 


$40,382 59 


$42,811 29 


Operating reserves: 








Injury and damage reserve 


$918,042 56 


$988,684 73 


$1,009,563 20 


Total operating reserves 


$918,042 56 


$988,684 73 


$1,009,563 20 


Accrued depreciation, road and equipment 


$1,503,431 44 


$1,880,997 55 


$1,842,576 61 


Other unadjusted credits: 








Outstanding tickets and checks 


$93,888 66 


$93,733 07 


$87,505 41 


Other unadjusted credits 


48,747 52 


39,798 31 


33,010 00 


Amount advanced by Commonwealth of Massachusetts 
under chapter 159, Special Acts of 1918, account 
deficit in cost of service for twelve months ending 
June 30, 1919. 


3,980,151 67 


3,980,151 67 


3,980,151 67 


Total other unadjusted credits 


$4,122,787 85 


$4,113,683 05 


$4,100,667 08 


Total unadjusted credits 


$7,277,494 87 


$7,421,479 29 


$7,329,029 81 


Corporate Surplus. 








Profit and loss, balance June 30, 1918 .... 


$238,977 17i 


$184,728 61 1 


$56,783 26i 


Profit and loss, since June 30, 1918 


- 


805,959 38i 


459,007 54i 


Total corporate surplus 


$238,977 17i 


$990,687 991 


$515,790 80i 




$71,398,013 27 


$72,407,563 41 


$75,128,231 83 



1 Debit. 



16 



Income Statement. 



Twelve 

Months ending 

Dec. 31,1921 



Twelve Twelve 

Months ending Months ending 

Dec. 31, 1920. Dec. 31, 1919. 



Operating Income. 

Passenger revenue 

Special car revenue 

Mail revenue 

Express revenue 

Miscellaneous transportation revenue 

Total revenue from transportation 

Station and car privileges .... 

Rent of tracks and facilities .... 

Rent of equipment ...... 

Rent of buildings and other property 

Power 

Miscellaneous 

Total revenue from other railway operations 

Total railway operating revenues 

Railway operating expenses: 

Way and structures 

Equipment 

Power .... 

Conducting transportation 

Traffic .... 

General and miscellaneous 

Total railway operating expenses 

Per cent of operating expenses to operating revenues 

Per cent of operating expenses to operating and non 

operating income. 
Net revenue, railway operations 

Taxes assignable to railway operations 

Operating income .... 

Non-operating Income. 

Income from lease of road 

Dividend income 

Income from funded securities 

Income from unfunded securities and accounts 

Income from sinking fund and other reserves 

Miscellaneous income ..... 

Total non-operating income 

Gross income 



$32,237,396 47 

16,233 12 

578 98 

44,154 94 

3,838 20 



$33,096,763 69 

12,182 79 

737 10 

88,657 99 

4,383 17 



$32,302,201 71 

$305,937 96 

26,051 00 

1,659 83 

111,951 20 

84,932 67 

20,318 76 



$33,202,724 74 

$300,228 32 

39,059 11 

1,644 27 

100,499 45 

92,192 00 

14,514 61 



$550,851 42 
$32,853,053 13 

$3,021,844 18 
4,470,357 23 
2,532,500 73 

10,752,382 64 

2,401 23 

2,063,570 98 



$548,137 76 
$33,750,862 50 

$3,226,275 11 
4,033,850 42 
4,568,991 90 

11,524,823 18 

3,357 91 

2,411,823 59 



$22,843,056 99 

69.53 

68.65 

$10,009,996 14 

$1,546,758 15 

$8,463,237 99 

$823 40 

9,180 00 

4,503 41 

375,158 65 

33,280 00 

1,026 94 



$25,769,122 11 
76.35 
75.72 
$7,981,740 39 
$1,142,987 28 
$6,838,753 11 

$823 40 

9,180 00 

6,356 89 

233,379 60 

28,853 33 

2,180 72 



$423,972 40 
8,887,210 39 



$280,773 94 
$7,119,527 05 



$28,752,675 38 

14,868 73 

722 24 

89,002 98 

3,001 85 



$28,860,271 18 

$293,871 62 
41,477 20 
5,209 45 
82,514 36 
46,349 33 
74,898 45 



$544,320 41 
$29,404,591 59 

$3,783,715 35 
4,290,039 81 
2,980,658 59 

10,530,882 29 

4,758 03 

2,110,285 34 



$23,700,339 41 

80.60 

80.34 

$5,704,252 18 

$1,045,502 36 

$4,658,749 82 

$823 40 

9,180 00 

6,289 50 

42,853 06 

33,280 00 

1,565 27 



$93,991 23 
$4,752,741 05 



17 



Income Statement — Concluded. 



Twelve 

Months ending 

Dec. 31,1921 



Twelve 

Months ending 

Dec. 31,1920 



Twelve 

Months ending 

Dec. 31,1919. 



Deductions from Gross Inxome. 

Rent for leased roads: 

West End Street Railway Company . 

West End Street Railway Company, Tremont Street 

subway. 
Other roads 



Total rent for leased roads 
Miscellaneous rents . . 
Net loss on miscellaneous physical property . 

Interest on funded debt 

Interest on unfunded debt .... 
Amortization of discount on funded debt 
Miscellaneous debits 

Total deductions from gross income . 
Net income transferred to credit of profit and loss 
Dividends — Boston Elevated Railway Company 

Balance after cost of service 



i Deficit 



$2,630,780 24 

182,512 32 

48,914 48 



J.590,258 15 

177,686 09 

48,303 71 



J,540,892 94 

176,545 11 

57,793 99 



$2,862,207 04 

1,781,225 46 

6,959 96 

1,292,800 00 

201,458 43 

31,468 08 

16,279 55 



$2,816,247 95 

1,612,746 21 

9,325 77 

1,307,018 75 

207,945 23 

34,860 38 

14,881 50 



$2,775,232 04 

1,339,501 90 

7,986 10 

1,309,477 08 

246,312 98 

44,290 46 

8,070 37 



$6,192,398 52 

S2.694.811 87 

1,523,367 00 



$6,003,025 79 

$1,116,501 26 
1,463,668 50 



$5,730,870 93 

$978,129 88i 
1,403,970 00 



$1,171,444 87 



$347,167 24i 



$2,382,099 88 1 



18 



Operating Expense Accounts. 



1921. 



1920. 



1919. 



Way and Structures. 
Superintendence of way and structures . 
Maintenance of track and roadway (except snow and ice) 

Removal of snow and ice 

Roadway structures 

Signal and telephone and telegraph lines . 
Other miscellaneous way expenses . 
Maintenance of electric line equipment . 
Maintenance of buildings, fixtures and grounds 
Depreciation of way and structures 

Total way and structures .... 
Equipment. 
Superintendence of equipment 

Maintenance of cars 

Maintenance of electrical equipment of cars . 

Shop expenses 

Miscellaneous equipment, vehicles, horses, etc. 
Depreciation of equipment .... 

Total equipment 

Power. 
Superintendence of power .... 

Maintenance of power plants .... 
Depreciation of power plant buildings and equipment 
Operation of power plants .... 

Total power 

Conducting Transportation. 
Superintendence of transportation . 
Passenger conductors, motormen and trainmen 
Freight conductors, motormen and trainmen . 
Miscellaneous car service employees 
Miscellaneous car service expenses 
Station employees 
Station expenses 
Car house employees 
Car house expenses . 

Operation of signal and telephone and telegraph lines 
Other transportation expenses . 

Total conducting transportation 



$211,850 11 

1,724,134 42 

63,460 07 

96,630 14 

23,370 33 

14,012 13 

278,348 00 

335,038 98 

275,000 00 



$194,428 55 

1,642,612 96 

615,548 70 

79,253 48 

45,728 82 

19,163 99 

264,490 05 

348,048 56 

17,000 00 



$189,806 92 

2,784,370 28 

18,549 67 

78,838 28 

40,125 98 

80,608 36 

251,258 31 

296,957 55 

43,200 00 



$3,021,844 18 

$142,844 54 

1,640,767 49 

628,477 20 

275,822 05 

53,445 95 

1,729,000 00 



$4,470,357 23 

$79,834 66 
337,746 70 

2,114,919 37 



$2,532,500 73 



),478 82 

7,041,863 84 

12,150 78 

311,922 91 

155,427 67 

720,736 44 

183,938 93 

873,312 15 

59,941 20 

221,537 17 

181,072 73 



$10,752,382 64 



$3,226,275 11 

$136,169 08 

1,699,568 11 

804,309 30 

326,959 57 

44,844 36 

1,022,000 00 



$3,783,715 35 

$130,546 65 

1,550,450 88 

593,667 37 

272,509 31 

38,545 60 

1,704,320 00 



$4,033,850 42 

$85,059 57 

457,635 12 

965,000 00 

3,061,297 21 



$4,568,991 90 

$1,008,465 02 
7,646,971 90 

15,715 67 
296,455 06 
206,948 02 
735,178 90 
219,632 87 
920,926 65 

75,141 23 
214,559 69 
184,828 17 



$11,524,823 18 



$4,290,039 81 

$78,597 01 

328,835 05 

256,480 00 

2,316,746 53 



$2,980,658 59 

$870,231 52 
6,858,788 30 

20,450 89 
267,635 58 
236,186 71 
819,994 25 
199,113 10 
859,285 35 

75,298 44 
168,891 80 
155,006 35 



$10,530,882 29 



19 



Operating Expense Accounts — Concluded. 





1921. 


1920. 


1919. 


Traffic. 








Traffic 


$2,401 23 


$3,357 91 


$4,758 03 


General and Miscellaneous. 








Salaries and expenses of general officers and clerks 


$412,724 08 


$408,825 79 


$389,588 64 


General office supplies and expenses .... 


81,760 91 


198,992 05 


78,026 75 




62,180 47 


35,941 44 


20,142 84 


Relief department, expenses, pensions and gratuities 


60,291 17 


43,837 44 


34,743 75 


Miscellaneous general expenses 


75,270 56 


75,865 97 


68,941 20 


Injuries and damages ....... 


665,798 02 


785,971 56 


830,663 98 


Insurance 


287,406 21 


372,849 38 


274,052 74 


Stationery and printing 


92,120 81 


108,569 70 


82,991 60 


Store, garage and stable expenses 


286,504 07 


350,969 92 


294,184 04 


Rent of tracks and facilities 


24,212 73 


13,998 99 


13,789 55 




15,301 95 


16,001 35 


23,160 25 


Total general and miscellaneous .... 


$2,063,570 98 


$2,411,823 59 


$2,110,285 34 


Total operating expenses 


$22,843,056 99 


$25,769,122 11 


$23,700,339 41 



Traffic Statistics — Year ending December 31. 





1921. 


1920. 


1919. 


Round trips operated ....... 


5,778,881 


5,770,692 


6,588,226 


Passenger revenue 








$32,253,629 59 


$33,108,946 48 


$28,767,544 11 


Passenger revenue per car mile (cents) 








64.89 


64.62 


53.74 


Passenger revenue per car hour 








$7,361 


$7,155 


$6,057 


Passenger revenue mileage . . 








49,706,697 


51,237,527 


53,533,522 


Passenger revenue car hours 








4,381,815 


4,627,295 


4,749,318 


Revenue passengers carried 








337,252,080 


335,526,561 


324,758,685 


Revenue passengers carried per car mile 








6.785 


6.548 


6.066 


Revenue passengers carried per car hour 








76.97 


72.51 


68.38 



20 



Passenger Cars, Surface Lines Equipment, Dec. 31, 1921. 



Type of Car. 



Number 
owned. 



Brake 
Equip- 
ment. 



Truck 
Equip- 
ment. 



Control Equip- 
ment. 



Seating 
Capac- 
ity. 



Semi-convertible prepayment type: 
No. 1 Type, 32 feet . 
No. 2 Type, 33K feet . 
No. 3 Type, 33J4 feet . 
No. 4 Type, 34^ feet . 
No. 4-A Type, 34^ feet 
No. 4-A2 Type, 34^ feet 
No. 4-A3 Type, 34>£ feet 
Spec. Type, 34J^ feet . 
Total semi-convertible 

Center entrance prepayment motor cars 

Center entrance prepayment trailer cars 
Safety type, one man, prepayment 
Articulated prepayment: 
Double, 20-foot type . 
Double, 25-foot type . 
Total articulated 
Box cars: 
26J^-foot (14 are prepayment) 
25-foot 

24-foot (parlor) 
20-foot (parlor) 
16-foot (parlor) 
Total box cars 
Open cars: 
12-bench .... 
9-bench (ambulance car) . 
Total open cars 
Total surface passenger cars 



40 
37 
91 
47 
48 
75 
97 
10 



445 
200 
196 
220 
75 

39 
76 



115 

60 

292 

1 

.1 
1 



355 

42 
1 



43 
1,649 



Air . 
Air . 
Air . 
Air . 
Air . 
Air . 
Air . 
Air . 

Air . 

Air . 

Air . 

Air . 

Air . 
Air . 



Air . 
Hand 
Air . 
Hand 
Hand 



Hand 
Hand 



Double 
Double 
Double 
Double 
Double 
Double 
Double 
Double 

Double 
Double 
Double 
Single 

Double 
Quadruple 



Double 
Double 
Double 

Single 
Single 



Double 

Single 



G. E. M. Type 
G. E. Auto 
G. E. Auto 
West. H. L. 
West. H. L. 
G. E. M. . 
West. H. L. 
G. E. Auto 

G. E. P. C. 5 
W. H.— A-B-P-C 

None . 
K-10-Q . 

K 
K 



K 
K 
M 

K 
K 



K 

K and Rheo. 



48 
52 
52 
52 
52 
52 
52 
52 

58 
58 
62 
32 

52 
68 



36 

34 
Chairs] 
Chairs] 
Chairs] 



60 
45 



21 



Passenger Cars, Rapid Transit Lines. 






Type of Car. 


Number 
owned. 


Brake 
Equip- 
ment. 


Truck 
Equip- 
ment. 


Control Equip- 
ment. 


Seating 
Capac- 
ity. 


Elevated cars: 
Wood and steel (4 end and 2 side doors) 
All steel 


112 
209 


Air . 

Air . 

Air . 


Double 
Double 

Double 


G. E. Auto 
G. E. Auto 

West. A. L. 


48 
48 


Cambridge-Dorchester tunnel (6 side 
doors). 


321 
95 


72 


Total rapid transit lines . 
Total passenger cars owned 


416 
2,065 





Other Equipment. 

Newspaper car 1 

Service cars (179 surface, 24 rapid transit) 192 

Snow ploughs, electric 174 

Snow sweepers, electric 14 

Electric shovels . 2 

Snow removers, horse 14 

Snow ploughs, horse 2 

Snow sleds 544 

Miscellaneous vehicles 265 

Horses 107 

All electric car motors (955 rapid transit, 6,112 surface) 7,067 



22 



BOSTON ELEVATED RAILWAY COMPANY, 
TRUSTEE. 

Statement of Special Trust Fund, Dec. 31, 1921. 

Principal of trust fund as established $1,500,000 00 

Accretions and accumulations of income to Dec. 31, 1921 . . 636,739 89 

Total $2,136,739 89 

Investment in marketable securities and real estate . . . $2,130,670 83 
Cash . 6,069 06 



Total $2,136,739 89 

The above trust fund is held by the Boston Elevated Railway 
Company under chapter 740, Acts of 1911, — "An Act to authorize 
the consolidation of properties and franchises of the Boston Elevated 
Railway Company and the West End Street Railway Company," — 
and represents the proceeds from the sale to the Boston Elevated 
Railway Company of real estate of the West End Street Railway 
Company which was not required in the conduct of the business. The 
amount so received ($1,500,000) is to be held by the Boston Elevated 
Railway Company and invested by it and allowed to accumulate 
until the tenth day of June, 1922, when the consolidation of the two 
companies is to take place. Thereafter the annual income therefrom 
shall be applied toward the purchase and retirement of the second 
preferred stock of the Boston Elevated Company. No part of this 
fund or its income can be used for any other purpose. 



ANNUAL REPORT 



OF THE 



PUBLIC TRUSTEES OE THE BOSTON 
ELEVATED RAILWAY 



FOR THE 



Year ending December 31, 1922 



BOSTON 

WRIGHT & POTTER PRINTING COMPANY 

32 DERNE STREET 

1923 




ANNUAL REPORT 



OF THE 



PUBLIC TRUSTEES OF THE BOSTON 
ELEVATED RAILWAY 



FOR THE 



Year ending December 31, 1922 



BOSTON 

WRIGHT & POTTER PRINTING COMPANY 

32 DERNE STREET 

1923 



BOARD OF TRUSTEES. 

(Appointed by the Governor of Massachusetts, pursuant to Chapter 159 of the Special 

Acts of 1918.) 

JAMES F. JACKSON, Chairman. 
WINTHROP COFFIN. J. FRANK O'HARE. 

STANLEY R. MILLER. SAMUEL L. POWERS. 



EDWARD DANA 
HENRY L. WILSON 
JOHN H. MORAN 
H. WARE BARNUM 
RUSSELL A. SEARS 



OFFICERS. 

(Appointed by the trustees.) 



General Manager. 
Treasurer. 
General Auditor. 
General Counsel. 
General Claims Attorney. 



REPORT OF THE BOARD OF PUBLIC TRUSTEES 
OF THE BOSTON ELEVATED RAILWAY. 



The public trustees of the Boston Elevated Railway respectfully 
submit their fourth annual report. 

Result of Operation. 

The fourth calendar year of public operation shows a balance re- 
maining after providing for all costs of service of $1,545,055.84 after 
making allowance for delayed charges and credits. In July the 
trustees, having restored the reserve fund to $1,000,000 as required by 
law, paid $517,196.45 to the cities and towns on account of their loan 
to meet the deficit of the first year of public operation. The unpaid 
balance of that loan is now $3,462,955.22. A substantial surplus is 
expected to be available next July for the second payment to these 
cities and towns. The probable amount cannot be definitely stated 
in view of the well-known sensitiveness of railway costs to climatic 
conditions and market fluctuations in the commodities which are 
largely used. The succession of storms during the past six weeks has 
already cost more than $200,000. Change of a dollar in price of a ton 
of coal makes a difference of $275,000 in operating expense for the 
year. 

When, a year ago, it became known that the railway had reached 
a self-supporting basis, the news aroused from every quarter demands 
that had been held in abeyance while the trustees were engaged in the 
financial struggle against operating losses and for restoration of credit. 

The tax-paying public urged the prompt reimbursement of their 
loan of 1919. This was their right under the statute. A large riding 
public who were dependent upon small incomes appealed for lower 



6 

fares. They, too, had a good cause. An equally large traveling 
public less interested in fares than in service urged larger accommoda- 
tion. Restricted in law and still limited in revenue the trustees have 
endeavored to meet in part each of these public needs. A large pay- 
ment was made into municipal treasuries in reimbursement of loan. 
The 5-cent fare has been extended from time to time under the plan 
adopted for its development. As soon as practicable this service 
should completely cover transportation between community centers 
and their adjacent neighborhoods. It must be borne in mind, how- 
ever, that the 5-cent fare cannot now nor in the future become a 
general substitute for or an active competitor with the higher basic 
fare, whether that be as at present, 10 cents, or as it may be later, a 
lower charge. No substantial invasion of net revenue can be allowed 
until cities and towns have been reimbursed, nor wherever such in- 
vasion would unreasonably postpone reduction in the higher fare. 

To meet the request for larger accommodation, additional beneficial 
changes have been made in operation. 

Any radical change in the character of service is ordinarily followed 
by a period of adaptation on the part of both employee and public 
and by the removal of avoidable annoyances at first incident to its 
introduction. Full recognition of the meaning of an improvement 
cannot be expected until this period has elapsed. A case in point is 
found in the recent change in service connected with the establishment 
of train operation between Lechmere Square and Kenmore station. 
This means quicker service, larger accommodation and a saving of 
waste mileage, but full appreciation of that fact awaits the perfection 
of detail in operation and familiarity with the new order of things. 
It is a long step toward the exclusive use of trains in the subway, 
which can provide the only quick method for lessening congestion at 
Park Street. 

During the year, with a view to more efficient service, additions 
have been made to rolling stock. Thirty-six new steel cars for the 
elevated service have been placed in commission. Additional flat cars 
and snow sweepers have been purchased. In April 100 semi-con- 
vertible cars of the most modern type were ordered and 71 of them 
are now in use. These cars may be operated by either one man or 
by two men, are equipped with the latest safety devices, and as a 



one-man car are far better adapted to the service than the light weight 
one-truck Birney type, or any of the two-man cars which have been 
converted for one-man operation. 

Recently 100 more of this type of cars have been ordered for early 
delivery. For train service in the East Boston tunnel 40 steel cars 
have been ordered. 

During the year approximately 21 miles of track have been rebuilt 
and 1\ miles improved by substantial repairs. 

The new lobby for employees and the storage yard at Salem Street 
in Medford and the car house at Bennett Street in Cambridge have 
been completed. The new elevated car repair shop at Forest Hills is 
about completed and ready for use. 

The first unit of the new storehouse at George Street in Charles^ 
town for the use of the maintenance department is nearly complete 
and the construction of the second unit under way. 

Though the railway is not yet in good operating condition, nor 
accommodations yet at the standard which they are expected to 
reach, nevertheless material progress has been steadily made toward 
the goal. It has been understood from the beginning that improve- 
ments must be gradual and that effort to bring them about must 
cover a considerable period of time. Four of the five years that have 
been named as that period have elapsed. 

Any substantial reduction in the 10-cent fare must still await re- 
payment of the loan to cities and towns, and legislation that will re- 
move certain burdens that are unjust to the car rider. 

Receipts and Expenditures. 

The following comparative table presents a summary of receipts 
and expenditures for the past and preceding years : — 



8 



Comparative Division of Receipts and Expenditures for Year ending December 31 . 





1922. 


1921. 


1920. 


1919. 


1918. 


Total receipts .... 


$32,699,176 37 


$33,277,025 53 


$34,031,636 44 


$29,498,582 82 


$21,062,692 82 


Operating expenses : 












Wages 


$14,772,340 42 


$15,563,255 53 


$17,216,445 20 


$15,539,105 59 


$11,007,362 35 


Material and supplies . 


2,903,650 98 


3,093,934 69 


3,310,858 94 


3,640,065 60 


3,248,317 15 


Injuries and damages . 


555,355 59 


518,249 02 


640,165 04 


701,907 28 


792,783 96 


Depreciation 


2,004,000 00 


2,004,000 00 


2,004,000 00 


2,004,000 00 


1,184,670 00 


Fuel 


1,853,111 76 


1,663,617 75 


2,597,652 93 


1,815,260 94 


1,762,963 86 


Total operating expenses . 


$22,088,458 75 


$22,843,056 99 


$25,769,122 11 


$23,700,339 41 


$17,996,097 32 


Taxes 


1,587,186 83 


1,546,758 15 


1,142,987 28 


1,045,502 36 


917,515 49 


Rent of leased roads (including 
dividend rental under chap- 
ter 159, Acts of 1918). 

Subway and tunnel rents 


3,646,595 75 
2,008,414 25 


4,203,061 72 
1,963,737 78 


4,102,230 36 
1,790,432 30 


4,002,656 93 
1,516,047 01 


3,233,546 13 
1,235,974 55 


Interest on borrowed money 


1,891,315 57 


1,494,258 43 


1,514,963 98 


1,555,790 06 


1,302,157 14 


Miscellaneous items 


65,016 14 


54,707 59 


59,067 65 


60,346 93 


22,343 21 


Total cost of service . 


$31,286,987 29 


$32,105,580 66 


$34,378,803 68 


$31,880,682 70 


$24,707,633 84 


Loss for year .... 


- 


- 


$347,167 24 


$2,382,099 88 


$3,644,941 02 


Gain for year .... 


$1,412,189 08 


$1,171,444 87 


- 


- 


- 



9 



Boston Elevated Railway 

Allocation of- r&c&ipts 
Pea Pass&n<3&r 

\Z Months Ending D&c&mb&r 3!, I9Z2 

Av&RA<3fc R&C&1PT5 P&R &&V&NU& PAS5ErN66R 



9.169* 




10 



Traffic. 

The following tables show that 19,341,862 more revenue passengers 
were carried in this year than in last year, and that the total of 
356,593,942 is the largest number carried in any year of public opera- 
tion. This is in part due to the general awakening of business activi- 
ties and in part to the extension of 5-cent fare routes. 

It is significant that whereas there was a substantial gain in week- 
day traffic there was no similar gain on Sundays or holidays, the days 
when the use of private automobiles is largest. 

The increase of 868,391 miles in car mileage and of 285,947 round 
trips in comparison with the record of the preceding year measures the 
increase in the service given. 



Comparative Passenger Statistics — Revenue Passengers carried. 



Year. 


Week Day 
Average. 


Saturday 
Average. 


Sunday 
Average. 


Holiday 
Average. 


Total for 
Year. 


1922 


1,030,303 


1,144,320 


617,148 


691,890 


356,593,942 


1921 










975,745 


1,068,295 


578,860 


696,691 


337,252,080 


1920 










960,737 


1,072,319 


591,063 


703,634 


335,526,561 


1919 










934,918 


1,078,635 


596,182 


706,429 


324,758,685 


1918 










985,384 


1,147,809 


658,902 


775,634 


348,664,700 


1917 










1,073,943 


1,249,588 


728,847 


857,902 


381,017,338 


1916 










1,050,038 


1,218,749 


718,804 


832,962 


373,577,908 


1915 










992,283 


1,140,046 


685,726 


846,860 


352,469,586 



Traffic Statistics, Year ending December 31. 



1922. 



1921. 



1920. 



1919. 



Round trips operated 
Passenger revenue .... 
Passenger revenue per car mile (cents) 
Passenger revenue per car hour 
Passenger revenue mileage 
Passenger revenue car hours 
Revenue passengers carried 
Revenue passengers carried per car mile 
Revenue passengers carried per car hour 



6,059,531 

$31,834,022 77 

62.94 

$7 09 

50,575,088 

4,487,400 

356,593,942 

7.051 

79.47 



5,773,584 

$32,253,629 59 

64.89 

$7 36 

49,706,697 

4,381,815 

337,252,080 

6.785 

76.97 



5,764,347 

$33,108,946 48 

64.62 

$7 16 

51,237,527 

4,627,295 

335,526,561 

6.548 

72.51 



6,578,069 

$28,767,544 11 

53.74 

$6 06 

53,533,522 

4,749,318 

324,758,685 

6.066 

68.38 



11 



One-Man Cars. 

The increasing use of the one-man car on railways throughout the 
country as a practical economy in operation has been attracting wide 
attention. A general change to this type of car has undoubtedly 
rescued some railways from insolvency. 

The trustees of the Boston Elevated believe that where there is no 
compelling need of the most drastic economy the general substitution 
of the one-man car is not desirable. They are convinced, however, 
that the one-man car has its proper place upon this railway, as proper 
as that of the train or the individual two-man car or the motor 
omnibus; that its use means more frequent service and often makes 
possible the development of the 5-cent fare. They do not agree that 
it is suited to conditions of heavy traffic for the reason that its use is 
then apt to annoy passengers in boarding the car and to interrupt 
schedules, causing delays that interfere with convenient and efficient 
service. 

Power. 

Owing to the fact that the large generator at South Boston was for 
a long time in commission at less than its maximum efficiency, it was 
necessary in order to accommodate the additional traffic to burn a 
larger amount of coal. It is observable that the maximum hour load 
in December was greater than in any previous December. 

Additional rotary converters have been installed at the stations in 
Roslindale and East Boston. 

The 35,000-kilowatt generator at South Boston has been recon- 
structed and again placed in service, and a new boiler house and two 
boilers are under construction at that station. 



1922. 



1921. 



1920. 



1919. 



1918. 



1917. 



1916. 



Tons of coal burned 

Pounds of coal per kilo- 
watt hour. 

Average price of coal 
per ton. 

Net cost of power for 
car service per kilo- 
watt hour (cents). 

Net cost of power per 
total revenue car mile 
(cents). 

D. C. annual output 
(kilowatts). 

D. C. maximum hour 
output (kilowatts). 



273,441 

2.553 

$6 777 

1.414 

6.153 

239,905,874 
78,755 



215,870 
2.174 
$7 71 
1.172 

4.815 

222,461,060 
75,905 



258,087 

2.353 

$10 07 

1.921 

8.538 

245,676,503 
72,295 



287,670 
2.835 
$5 91 
1.307 

5.439 

239,892,118 
71,760 



281,677 
2.772 
$6 26 
1.158 

4.668 

227,582,057 
67,965 



270,452 

2.309 

$4 19 

.620 

2.573 

262,343,882 
79,535 



254,735 

2.256 

$3 35 

.534 

2.137 

252,896,235 
75,380 



12 



New Shops. 

The first unit of the modern system of repair shops now under con- 
struction at Everett will be ready for use before the end of the present 
year. No want of facilities has been so conspicuous as that of proper 
equipment for painting, repairing and maintaining cars. When funds 
from the sale of the Cambridge subway became available, the work of 
erecting suitable shops was promptly begun, and with the completion 
of this first unit a long step will have been taken toward removing 
the waste and ending the evils of attempting to take care of modern 
rolling stock with obsolete equipment originally designed for horse car 
operation. 

Maverick Square. 

The changes at the Maverick Square terminal of the East Boston 
tunnel are nearing completion. As soon as the work is finished the 
tunnel will be available at full capacity for operation by train service, 
and the center entrance cars now in use there will be released for use 
at other places. 

Harvard Square. 

At Harvard Square the work of extending platforms is now in 
progress and should be complete at an early date. This improvement 
will bring relief to those who have long suffered from lack of adequate 
accommodation in boarding outbound cars to North Cambridge and 
Arlington. 

Dorchester Tunnel. 

One of the most important railway measures before the Legislature 
last winter proposed the extension of the rapid transit facilities from 
Andrew Square to Fields Corner in connection with the purchase or 
taking of the Shawmut branch of the New York, New Haven & 
Hartford Railroad. A bill to carry out this plan, based upon the 
previous study and recommendation of the Department of Public 
Utilities, is before the present Legislature. The trustees have favored 
this project as the only one that will effectually relieve the congestion 
at Andrew Square, where in rush hours passengers crowd the cars and 
the cars crowd the tracks. Surely large public interests call for the 
enactment of this bill. 



13 

Consolidation of West End with Boston Elevated. 

On the 10th of last June the railway property of the West End 
Street Railway Company, which had been operated since October, 
1897, by the Boston Elevated under lease from the West End, was 
consolidated with the railway property of the Boston Elevated under 
the provisions of chapter 740 of the Acts of 1911. The consolidation 
was effected as provided in the statute by an exchange of the out- 
standing preferred and common stock of the West End at par for an 
equal amount at par of first preferred and second preferred stock of 
the Boston Elevated. 



Future Development. 

Though people are naturally most concerned with improvements 
in present-day facilities, a look into the future is opportune at this 
time not merely for a vision of transportation possibilities but for the 
answer that a study of the situation will give to many proposals now 
being made for changes in existing structures under a shortsighted 
piece-meal method of developing rapid transit. 

At a hearing before the Department of Public Utilities in Sep- 
tember, the trustees submitted an outline sketch of possible exten- 
sions of service. The plan was suggestive only, was not elaborate in 
detail, and did not reflect the conclusions of engineering experts. It 
served its purpose, however, in calling attention to the present need 
of some comprehensive and harmonious plan to which individual ex- 
tensions of this railway should hereafter conform. 

One feature of the sketch proposes an independent trunk subway 
in Huntington Avenue which would provide a future extension to the 
north of Boston. This would bring additional rapid transit where the 
need is imperative. It would also provide a permanent improvement 
in place of makeshift changes at Park Street, making the station 
there less of a terminal station and a more adequate way station. 
Another feature of the sketch proposes an extension of rapid transit 
to the north of Boston through use of the Saugus branch of the 
Boston & Maine Railroad in connection with the elevated line that 
now has a temporary terminal in Everett. 

The Metropolitan Planning Board advocated by the Boston 



14 

Chamber of Commerce and recommended by the Department of 
Public Utilities could achieve much for the public welfare in the 
study and determination of the proper methods for the development 
of railway transportation. 

JAMES F. JACKSON. 

WINTHROP COFFIN. 

STANLEY R. MILLER. 

J. FRANK O'HARE. 

SAMUEL L. POWERS. 

Jan. 29, 1923. 



15 



CERTIFICATE. 



131 State Street, Boston, Jan. 29, 1923. 

Mr. James F. Jackson, Chairman, Mr. Winthrop Coffin, Mr. Stanley R. 
Miller, Mr. Samuel L. Powers, Mr. J. Frank O'Hare, Trustees, Boston 
Elevated Railway Company, Boston, Mass. 

Sirs : — We have examined the accounts of the Boston Elevated 
Railway Company for the year ending Dec. 31, 1922, and we report 
upon the company's financial statements for the year, presented here- 
with, as follows: — 

Road and equipment are shown at book values without adequate 
provision for depreciation prior to June 30, 1918, but, in our opinion, 
the depreciation provided for the year under review, in pursuance of 
the plan for depreciation reserves thereafter adopted by the trustees, is 
adequate. 

The securities owned by the company were produced for our in- 
spection and are carried at cost values, which, in some cases, exceed 
the market values. We have verified the current assets as shown by 
the books, and have satisfied ourselves that the liabilities are correctly 
stated. 

We hereby certify that, subject to the foregoing comments, the accom- 
panying balance sheet is in accordance with the books and correctly 
states the financial condition of the Boston Elevated Railway Company 
at Dec. 31, 1922; and that the operating results for the year 1922 are 
fairly presented in the accompanying income statement. 

Respectfully submitted, 

PATTERSON, TEELE & DENNIS, 

Accountants and Auditors. 



16 



General Balance Sheet. 



Debits. 



Dec. 31, 1922. 



Dec. 31, 1921. 



Dec. 31, 1920. 



Investments. 
Road and equipment: 

Way and structures 

Equipment 

Power 

General and miscellaneous ...... 

Total road and equipment 

Miscellaneous physical property 

Investments in affiliated companies: 

Stocks 

Notes 

Advances: 

West End Street Railway Company, road and equip- 
ment. 

West End Street Railway Company, suspense road 
and equipment. 

West End Street Railway Company, current account 

Other companies, road and equipment 
Total investments in affiliated companies 
Other investments: 

Stocks 

Notes 

Advances, road and equipment: 
Eastern Massachusetts Street Railway Company 

Total other investments 

Total investments 



$58,335,275 74 

21,423,224 31 

15,690,017 53 

1,788,473 83 



$34,344,346 80 
6,503,176 98 
9,330,904 31 
1,768,771 83 



$33,478,504 96 
5,860,282 11 
9,152,496 45 
1,736,612 62 



$97,236,991 41 
$556,521 48 

$201,508 72 



102,851 11 



$51,947,199 92 
$619,319 33 

$201,509 72 
4,848,245 21 

349,421 95 
504,588 16 
884,336 34 
102,852 11 



$50,227,896 14 
$864,186 40 

$201,509 72 
4,848,245' 21 

1,524,170 90 

38,243 59 

884,336 34 

102,852 11 



$304,359 83 

$2,552 50 
125,600 00 

142,002 38 



$6,890,953 49 

$2,501 00 
86,700 00 

120,740 65 



$7,599,357 87 

$2,501 00 
91,400 00 

84,764 62 



$270,154 88 
$98,368,027 60 



$209,941 65 
$59,667,414 39 



$178,665 62 
$58,870,106 03 



17 



General Balance Sheet. 



Credits. 


Dec. 31, 1922. 


Dec. 31, 1921. 


Dec. 31, 1920. 


Stock. 
Capital stock: 










$6,400,000 00 


- 






14,029,850 00 


- 


-• 


Preferred stock 


3,000,000 00 


$3,000,000 00 


$3,000,000 00 


Common stock 


23,879,400 00 


23,879,400 00 


23,879,400 00 




$47,309,250 00 


$26,879,400 00 


$26,879,400 00 


Premium on capital stock: 








Second preferred stock 


$2,232,477 02 


- 


- 




2,707,428 13 


$2,707,428 13 


$2,707,428 13 


Total premium on capital stock .... 


$4,939,905 15 


$2,707,428 13 


$2,707,428 13 




$52,249,155 15 


$29,586,828 13 


$29,586,828 13 


Long Term Debt. 
Funded debt unmatured: 








Miscellaneous obligations: 








6 percent, 5-year debenture bonds, due March 1, 1924 


$1,500,000 00 


$1,500,000 00 


$1,500,000 00 


7 per cent, 6-year West End Street Railway Company 
bonds, due Aug. 1, 1924. 

6J per cent, 5-year West End Street Railway Company 
bonds, due Feb. 1, 1927. 

6 per cent, 5-year West End Street Railway Company 
. bonds, due May 1, 1927. 

4$ per cent, 20-year West End Street Railway Com- 
pany bonds, due July 1, 1930. 

4 per cent, 30-year West End Street Railway Company 

bonds, due Aug. 1, 1932. 

5 per cent, 20-year West End Street Railway Company 

bonds, due Nov. 1, 1932. 
4 percent, 30-year debenture bonds, due May 1, 1935 . 


1,581,000 00 
2,700,000 00 
1,956,000 00 
1,604,000 00 
5,709,000 00 
600,000 00 
8,500,000 00 


8,500,000 00 


8,500,000 00 


5 per cent, 20-year West End Street Railway Company 

bonds, due May 1, 1936. 
4$ per cent, 30-year debenture bonds, due Oct. 1, 1937 . 


815,000 00 
4,800,000 00 


4,800,000 00 


4,800,000 00 


4J per cent, 30-year debenture bonds, due Nov. 1, 1941 


5,000,000 00 


5,000,000 00 


5,000,000 00 


5 per cent, 30-year debenture bonds, due Dec. 1, 1942 . 


8,286,000 00 


8,286,000 00 


8,286,000 00 


5 per cent, 30-year West End Street Railway Company 

bonds, due March 1, 1944. 
7 per cent, 30-year West End Street Railway Company 

bonds, due Sept. 1, 1947. 


2,600,000 00 
570,000 00 


- 


- 


Total bonds 


$46,221,000 00 


$28,086,000 00 


$28,086,000 00 


Mortgage notes 


125,000 00 


125,000 00 


125,000 00 


Total funded debt unmatured .... 


$46,346,000 00 


$28,211,000 00 


$28,211,000 00 


Non-negotiable debt to affiliated companies: 








Open accounts not subject to current settlement : 








West End Street Railway Company, lease account 


- 


$1,207,201 


$1,207,201 98 


West End Street Railway Company, cash suspense 
account. 


- 


7,746 90 


7,746 90 


Total non-negotiable debt to affiliated companies 


- 


$1,214,948 88 


$1,214,948 88 


Total long-term debt 


$46,346,000 00 


$29,425,948 88 


$29,425,948 88 



18 



General Balance Sheet — Concluded. 



Debits. 



Dec. 31, 1922. 



Dec. 31, 1921. 



Dec. 31, 1920. 



Current Assets. 



Cash 

Special deposits: 

Deposits for interest, dividends and rents unpaid . 

Special deposit of reserve fund, chapter 159, Special Acts 
of 1918. 

Total special deposits 

Loans and notes receivable 

Miscellaneous accounts receivable . 

Material and supplies 

Interest, dividends and rents receivable 

Other current assets .... 



Total current assets 



Deferred Assets. 
Insurance and other funds 

Total deferred assets . 



Unadjusted Debits. 
Rents and insurance premiums paid in advance 

Discount on funded debt (net) 

Other unadjusted debits: 

Cost of service deficit for twelve months ending June 30, 
1919, as provided for by reserve fund, chapter 159, 
Special Acts of 1918. 

Cost of service deficit for twelve months ending June 30, 
1919, as provided for by Commonwealth of Massa- 
chusetts, chapter 159, Special Acts of 1918. 

Other unadjusted debits 



Total other unadjusted debits 
Total unadjusted debits 



Total debits 



$825,666 20 

$804,907 37 
1,000,000 00 



$1,804,907 37 

1 00 

165,870 47 

2,418,280 09 

50,555 56 

38,139 00 



$5,303,419 69 

$3,009,892 17 



$1,320,913 37 



$769,146 63 



$2,038,490 62 



$788,434 57 



$769,146 63 

430 98 

227,734 19 

3,251,416 43 

30,308 96 

35,716 13 



$3,009,892 17 

$62,701 94 
$260,251 68 



,462,955 22 
553,975 80 



$5,635,666 69 
$802,550 00 



$788,434 57 

1 00 

376,746 97 

3,687,118 20 

26,410 07 

33,480 52 



$6,950,681 95 
$802,550 00 



$802,550 00 $802,550 00 



$4,016,931 02 
$4,339,884 64 



$111,021,224 10 



$129,100 42 
$291,719 76 

$688,338 05 

3,980,151 67 

203,072 29 



$4,871,562 01 
$5,292,382 19 



$71,398,013 27 



$227,195 73 
$323,187 84 

$1,000,000 00 

3,980,151 67 

253,690 19 



$5,233,841 86 

$5,784,225 43 



$72,407,563 41 



19 



General Balance Sheet — Concluded. 



Credits. 


Dec. 31, 1922. 


Dec. 31, 1921. 


Dec. 31, 1920. 


Current Liabilities. 
Loans and notes payable 


$1,800,000 00 


$2,463,372 13 


$3,029,672 74 


Audited accounts and wages payable .... 


1,082,533 97 


1,208,320 20 


2,229,714 66 


Matured interest, dividends and rents unpaid 


805,112 87 


770,352 13 


789,640 07 


Matured funded debt unpaid 


1,000 00 


- 


- 


Accrued interest, dividends and rents payable: 








Accrued interest on funded debt 


$516,001 66 


$216,441 67 


$216,441 67 


Accrued interest on loans and notes payable 


343 03 


1,726 74 


3,224 81 


Accrued rents, leased roads, West End Street Railway 

Company. 
Accrued rents, leased roads, other companies 


8.188 90 


519,834 87 
8,067 30 


519,834 87 
7,556 67 


Accrued rents, subway and tunnels .... 


87,543 30 


116,755 02 


105,579 46 


Accrued interest on unpaid taxes 


- 


2,896 00 


9,170 84 


Accrued rents, leased roads, Boston Elevated Railway 
Company, dividend rental. 


245,522 37 


- 


- 


Total accrued interest, dividends and rents payable 


$857,599 26 


$865,721 60 


$861,808 32 


Total current liabilities 


$4,546,246 10 


$5,307,766 06 


$6,910,835 79 


Deferred Liabilities. 
Other deferred liabilities . 


$38,751 14 


$38,952 50 


$53,159 31 


Total deferred liabilities 


$38,751 14 


$38,952 50 


$53,159 31 


Unadjusted Credits. 
Tax liability 


$844,531 22 


$733,233 02 


$397,731 37 


Premium on funded debt 


$370,548 58 


- 


- 


Insurance and casualty reserves: 








Insurance reserve . 


- 


- 


$40,382 59 


Total insurance and casualty reserves 


- 


- 


$40,382 59 


Operating reserves: 








Injury and damage reserve 


$906,601 92 


$918,042 56 


$988,684 73 


Total operating reserves ...... 


$906,601 92 


$918,042 56 


$988,684 73 


Accrued depreciation of property 


$2,058,493 73 


$1,503,431 44 


$1,880,997 55 


Other unadjusted credits: 








Outstanding tickets and checks 


$102,233 66 


$93,888 66 


$93,733 07 


Amount advanced by Commonwealth of Massachusetts 
under chapter 159, Special Acts of 1918, account of 
deficit in cost of service for twelve months ending 
June 30, 1919. 

Other unadjusted credits 


3,462,955 22 
25,744 90 


3,980,151 67 
48,747 52 


3,980,151 67 
39,798 31 


Total other unadjusted credits 


$3,590,933 78 


$4,122,787 85 


$4,113,683 05 


Total unadjusted credits 


$7,771,109 23 


$7,277,494 87 


$7,421,479 29 


Corporate Surplus. 
Profit and loss: 








Balance June 30, 1918 . 


$173,083 65i 


$238,977 17i 


$184,728 61 1 


Balance since June 30, 1918 


339,521 34 


- 


805,959 38i 


Balance arising out of consolidation with West End 
Street Railway Company, June 10, 1922. 


96,475 21 1 


- 


- 


Total corporate surplus 


$69,962 48 


$238,977 17i 


$990,687 991 


Total credits 


(111,021,224 10 


$71,398,013 27 


$72,407,563 41 



i Debit. 



20 



Income Statement. 



Twelve Twelve 

Months ending Months ending 

Dec. 31, 1922. Dec. 31, 1921 



Twelve 

Months ending 

Dec. 31, 1920. 



Operating Income. 

Passenger revenue 

Special car revenue 

Mail revenue 

Express revenue 

Miscellaneous transportation revenue .... 
Total revenue from transportation .... 

Station and car privileges 

Rent of tracks and facilities 

Rent of equipment 

Rent of buildings and other property .... 

Power 

Miscellaneous 

Total revenue from other railway operations . 
Total railway operating revenues .... 
Railway operating expenses: 

Way and structures 

Equipment 

Power 

Conducting transportation 

Traffic 

General and miscellaneous 

Transportation for investment 

Total railway operating expenses .... 

Per cent of operating expenses to operating revenues 

Per cent of operating expenses to operating and non- 
operating income. 
Net revenue, railway operations 

Taxes assignable to railway operations .... 

Operating income 

NON-OPERATING INCOME. 

Income from lease of road 

Dividend income 

Income from funded securities . . . , . 

Income from unfunded securities and accounts 



$31,817,072 46 

16,950 31 

391 30 

50,132 45 

9,131 66 



$32,237,396 47 

16,233 12 

578 98 

44,154 94 

3,838 20 



$33,096,763 69 

12,182 79 

737 10 

88,657 99 

4,383 17 



$31,893,67818 

$310,830 35 

29,706 88 

3,705 20 

112,829 09 

81,004 13 

21,079 96 



$32,302,201 71 

$305,937 96 

26,051 00 

1,659 83 

111,951 20 

84,932 67 

20,318 76 



$33,202,724 74 

$300,228 32 

39,059 11 

1,644 27 

100,499 45 

92,192 00 

14,514 61 



$559,155 61 
$32,452,833 79 

$3,335,892 96 

3,333,241 54 

3,261,918 91 

10,040,831 82 

3,032 88 

2,145,070 71 

31,530 07i 



$550,851 42 
$32,853,053 13 

$3,021,844 18 
4,470,357 23 
2,532,500 73 

10,752,382 64 

2,401 23 

2,063,570 98 



$548,137 76 
$33,750,862 50 

$3,226,275 11 
4,033,850 42 
4,568,991 90 

11,524,823 18 

3,357 91 

2,411,823 59 



$22,088,458 75 

68.06 

67.55 

$10,364,375 04 

L587.186 83 

$8,777,188 21 

$823 40 

9,181 75 

5,147 62 

196,030 85 



$22,843,056 99 

69.53 

68.65 

$10,009,996 14 

$1,546,758 15 

$8,463,237 99 

$823 40 

9,180 00 

4,503 41 

375,158 65 



$25,769,122 11 

76.35 

75.72 

$7,981,740 39 

$1,142,987 28 

$6,838,753 11 

$823 40 

9,180 00 

6,356 89 

233,379 60 



i Credit. 



21 



Income Statement — Concluded. 



Twelve 

Months ending 

Dec. 31, 1922. 



Twelve 

Months ending 

Dec. 31, 1921. 



Twelve 

Months ending 

Dec. 31, 1920. 



Non-operating Income — Con. 
Cncome from sinking fund and other reserves 
Miscellaneous income .... 
Total non-operating income 
Gross income 



Deductions from Gross Income. 

Rent for leased roads: 

West End Street Railway Company . 

West End Street Railway Company, Tremont Street 

subway. 
Other roads 

Boston Elevated Railway Company, dividend rental 

Total rent for leased roads .... 

Miscellaneous rents 

Net loss on miscellaneous physical property . 

Interest on funded debt 

Interest on unfunded debt 

Amortization of discount on funded debt 

Miscellaneous debits 

Total deductions from gross income . 

Net income transferred to credit of profit and loss 

Dividends, Boston Elevated Railway Company 
Balance after cost of service .... 

1 Deficit 



$33,280 00 
1,878 96 



$246,342 58 
$9,023,530 79 



$1,184,360 67 

81,263 66 

49,119 85 

2,413,115 23 



$3,727,859 41 

1,927,150 59 
8,732 53 

1,831,394 45 
59,921 12 
31,468 08 
24,815 53 



$7,611,341 71 



$1,412,189 08 



$33,280 00 
1,026 94 



$423,972 40 
$8,887,210 39 



$2,630,780 24 

182,512 32 

48,914 48 



$2,862,207 04 

1,781,225 46 

6,959 96 

1,292,800 00 

201,458 43 

31,468 08 

16,279 55 



$6,192,398 52 

$2,694,811 87 

1,523,367 00 

$1,171,444 87 



$28,853 33 
2,180 72 



$280,773 94 
$7,119,527 05 



! ,590,258 15 

177,686 09 

48,303 71 



$2,816,247 95 

1,612,746 21 

9,325 77 

1,307,018 75 

207,945 23 

34,860 38 

14,881 50 



$6,003,025 79 

$1,116,501 26 

1,463,668 50 



$347,167 24i 



22 



Operating Expense Accounts. 



1922. 



1921. 



1920. 



Way and Structures. 
Superintendence of way and structures . 

Maintenance of track and roadway (except snow and ice) 

Removal of snow and ice 

Roadway structure 

Signal and telephone and telegraph lines 

Other miscellaneous way expenses 

Maintenance of electric line equipment . 

Maintenance of buildings, fixtures and grounds 

Depreciation of way and structures .... 

Total way and structures 

Equipment. 
Superintendence of equipment 

Maintenance of cars 

Maintenance of electrical equipment of cars . 

Shop expenses 

Miscellaneous equipment, vehicles, horses, etc. 

Depreciation of equipment 

Total equipment 

Power. 
Superintendence of power 

Maintenance of power plants 

Depreciation of power plant buildings and equipment . 

Operation of power plants 

Total power 

Conducting Transportation. 
Superintendence of transportation 

Passenger conductors, motormen and trainmen 

Freight conductors, motormen and trainmen . 

Miscellaneous car service employees .... 

Miscellaneous car service expenses ..... 

Station employees 

Station expenses 

Car house employees 

Car house expenses 

Operation of signal and telephone and telegraph lines . 

Other transportation expenses 

Total conducting transportation .... 



$210,733 57 

1,615,411 69 

103,291 10 

99,612 69 

22,134 98 

20,846 29 

261,353 24 

381,269 40 

621,240 00 



$3,335,892 96 

$138,091 81 

1,537,888 99 

556,663 00 

260,432 60 

58,605 14 

781,560 00 



$211,850 11 

1,724,134 42 

63,460 07 

96,630 14 

23,370 33 

14,012 13 

278,348 00 

335,038 98 

275,000 00 



$3,333,241 54 

$82,017 24 

346,884 10 

601,200 00 

2,231,817 57 



$3,261,918 91 

$970,988 98 

6,442,707 49 

13,967 87 

278,650 32 

142,702 09 

720,977 04 

209,368 86 

803,570 03 

56,782 25 

210,814 74 

190,302 15 



$3,021,844 18 

$142,844 54 

1,640,767 49 

628,477 20 

275,822 05 

53,445 95 

1,729,000 00 



$194,428 55 

1,642,612 96 

615,548 70 

79,253 48 

45,728 82 

19,163 99 

264,490 05 

348,048 56 

17,000 00 



$4,470,357 23 

$79,834 66 
337,746 70 

2,114,919 37 



$10,040,831 82 



$2,532,500 73 

$990,478 82 

7,041,863 84 

12,150 78 

311,922 91 

155,427 67 

720,736 44 

183,938 93 

873,312 15 

59,941 20 

221,537 17 

181,072 73 



$3,226,275 11 

$135,169 08 

1,699,568 11 

804,309 30 

326,959 57 

44,844 36 

1,022,000 00 



$10,752,382 64 



$4,033,850 42 

$85,059 57 

457,635 12 

965,000 00 

3,061,297 21 

$4,568,991 90 

$1,008,465 02 
7,646,971 90 

15,715 67 
296,455 06 
206,948 02 
735,178 90 
219,632 87 
920,926 65 

75,141 23 
214,559 69 
184,828 17 



$11,524,823 18 



23 



Operating Expense Accounts — Concluded. 



1922. 



1921. 



1920. 



Traffic. 



Traffic 



General and Miscellaneous. 
Salaries and expenses of general officers and clerks 
General office supplies and expenses 

Law expenses 

Relief department expenses, pensions and gratuities 
Miscellaneous general expenses 
Injuries and damages 

Insurance 

Stationery and printing 
Store, garage and stable expenses 
Rent of tracks and facilities 
Rent of equipment . 

Total general and miscellaneous 
Transportation for investment 
Total operating expenses . 



$3,032 88 

$400,528 25 

77,789 71 

44,712 34 

94,365 35 

70,121 41 

692,800 52 

290,157 08 

121,134 97 

309,172 83 

23,275 28 

21,012 97 



$2,145,070 71 

$31,530 07 

$22,088,458 75 



$2,401 23 

$412,724 08 

81,760 91 

62,180 47 

60,291 17 

75,270 56 

665,798 02 

287,406 21 

92,120 81 

286,504 07 

24,212 73 

15,301 95 



$2,063,570 98 



$22,843,053 99 



$3,357 91 

$408,825 79 

198,992 05 

35,941 44 

43,837 44 

75,865 97 

785,971 56 

372,849 38 

108,569 70 

350,969 92 

13,998 99 

16,001 35 

$2,411,823 59 

$25,769,122 11 



i Credit. 



24 



Passenger Cars owned December 31, 1922. 



Surface Lines. 

Semi-convertible cars 

Semi-convertible cars, new one or two man . 

Center entrance cars 

Trailer cars 

One-man cars 

Articulated cars: 

20-foot type 

25-foot type 

Total articulated cars 



24 
71 



445 

71 

396 

220 

75 



95 



Box cars: 
26J-foot 
25-foot . 

24-foot (parlor) . 
20-foot (parlor) . 

Total box cars 



60 

210 

1 

1 



Open cars, 9-bench .... 
Total surface passenger cars 



272 

1 

1,575 



Rapid Transit Lines. 



Elevated cars, wood and steel . 

Elevated cars, steel 

Cambridge subway cars, steel . 

Total rapid transit passenger cars 

Grand total 



99 

227 
95 

421 

1,996 






25 



BOSTON ELEVATED RAILWAY COMPANY, 
TRUSTEE. 

Statement of Special Trust Fund, Dec. 31, 1922. 

Principal of trust fund as established $1,500,000 00 

Accretions and accumulations of income to June 10, 1922 . . 707,342 17 



Total special trust fund $2,207,342 17 

Income from June 10, 1922, to Dec. 31, 1922 $20,112 98 

Investment in marketable securities and real estate . . . $2,207,242 78 
Cash on deposit $20,212 37 

The above trust fund is held by the Boston Elevated Railway Com- 
pany under chapter 740, Acts of 1911, — "An Act to authorize the 
consolidation of properties and franchises of the Boston Elevated 
Railway Company and the West End Street Railway Company," — 
and represents the proceeds from the sale to the Boston Elevated 
Railway Company of real estate of the West End Street Railway 
Company which was not required in the conduct of the business. The 
amount so received ($1,500,000) has been held by the Boston Elevated 
Railway Company and invested by it and allowed to accumulate until 
the tenth day of June, 1922. Hereafter the annual income therefrom 
will be applied toward the purchase and retirement of the second 
preferred stock of the Boston Elevated Railway Company. No part of 
this fund or its income can be used for any other purpose. 



ANNUAL REPORT 



OF THE 



PUBLIC TRUSTEES OF THE BOSTON 
ELEVATED RAILWAY 



TOR THE 



Year ending December 31, 1923 



ANNUAL REPORT 



OF THE 



PUBLIC TRUSTEES OF THE BOSTON 
ELEVATED RAILWAY 



FOR THE 



Year ending December 31, 1923 



BOARD OF TRUSTEES 

(Appointed by the Governor of Massachusetts, pursuant to 
Chapter 159 of the Special Acts of 1918.) 

JAMES F. JACKSON, Chairman. 
WINTHROP COFFIN. J. FRANK O'HARE. 

STANLEY R. MILLER. SAMUEL L. POWERS. 



EDWARD DANA 
HENRY L. WILSON 
JOHN H. MORAN 
H. WARE BARNUM 
RUSSELL A. SEARS 



OFFICERS 

(Appointed by the Trustees.) 



General Manager. 
Treasurer. 
General Auditor. 
General Counsel. 
General Claims Attorney. 



REPORT OF THE BOARD OF PUBLIC TRUSTEES 
OF THE BOSTON ELEVATED RAILWAY. 



The public trustees of the Boston Elevated Railway respectfully 
submit their fifth annual report. 

Results of Operation. 

The fifth calendar year of public operation showed a balance after 
providing for all costs of service and after making allowance for de- 
layed charges and credits of $399,926.41. 

In July, 1923, the Trustees turned over to the Commonwealth 
$1,114,557.82 for distribution to the cities and towns which con- 
tributed to the loan assessment to meet the deficit of the first year 
of public operation. The details of the distribution of this amount 
and of the balance of $2,348,397.40 still due the municipalities on 
this loan are shown in a statement annexed to this report. 

Owing to the increase in labor cost that followed the arbitration 
award of October which was retroactive to July 1, 1923, the cost of 
service during the last six months has shown a substantial increase. 
This increase in wage has made it necessary to call upon the Reserve 
Fund to help meet the cost of the service. On January 1, 1924, 
therefore the balance in the Reserve Fund was $624,889.93. 

The past calendar year was the largest in gross receipts and 
passengers carried in the experience of the railway under either 
private management or public control. 

The increasing usefulness of the system is indicated by the follow- 
ing figures showing the riding per capita of population in the terri- 
tory served by the railway: — 

Revenue Rides per Capita. 



1923 


. 320 


1918 .... 


300 


1913 


298 


1908 


277 


1903 .... 


262 



6 

Notwithstanding the astounding increase in use of automobiles, 
the passing of the open cars and the increase in fares necessary to 
meet the increased cost of operation, the people served by this rail- 
way take on the average 20 rides a year more than in 1918 and 58 
rides a year more than in 1903. 

Receipts and Expenditures. 

The following comparative tables present a summary of receipts 
and expenditures for the past and preceding years and the allocation 
of receipts per passenger for the twelve months ending December 31, 
1923: — 

Comparative Division of Receipts and Expenditures for Year ending December 31 . 





1923. 


1922. 


1921. 


1920. 


1919. 


Total receipts .... 


$34,096,813 26 


$32,699,176 37 


$33,277,025 53 


$34,031,636 44 


$29,498,582 82 


Operating expenses: 












Wages 


$16,224,275 94 


$14,772,340 42 


$15,563,255 53 


$17,216,445 20 


$15,539,105 59 


Material and supplies . 


3,236,805 32 


2,903,650 98 


3,093,934 69 


3,310,858 94 


3,640,065 60 


Injuries and damages . 


822,775 24 


555,355 59 


518,249 02 


640,165 04 


701,907 28 


Depreciation 


2,004,000 00 


2,004,000 00 


2,004,000 00 


2,004,000 00 


2,004,000 00 


Fuel 


1,842,396 91 


1,853,111 76 


1,663,617 75 


2,597,652 93 


1,815,260 94 


Total operating expenses . 


$24,130,253 41 


$22,088,458 75 


$22,843,056 99 


$25,769,122 11 


$23,700,339 41 


Taxes 


1,688,139 91 


1,587,186 83 


1,546,758 15 


1,142,987 28 


1,045,502 36 


Rent of leased roads (including 
dividend rental under chap- 
ter 159, Acts of 1918). 

Subway and tunnel rents 


3,185,577 67 
2,026,936 52 


3,646,595 75 
2,008,414 25 


4,203,061 72 
1,963,737 78 


4,102,230 36 
1,790,432 30 


4,002,656 93 
1,516,047 01 


Interest on bonds and notes . 


2,316,026 54 


1,891,315 57 


1,494,258 43 


1,514,963 98 


1,555,790 06 


Miscellaneous items 


70,247 65 


65,016 14 


54,707 59 


59,067 65 


60,346 93 


Total cost of service . 


$33,417,181 70 


$31,286,987 29 


$32,105,580 66 


$34,378,803 68 


$31,880,682 70 


Loss for year .... 


- 


- 


- 


$347,167 24 


$2,382,099 88 


Gain for year .... 


$679,631 56 


$1,412,189 08 


$1,171,444 87 


- 


- 



Profit and Loss Items not included in above. 



Boston Elevated Railway 

Allocation of Receipts 
per Passenger 

12 Months Ending December 31,1923. 
Average Receipts per Revenue Passenger 



8.923* 



\ 



v 



o- 



0> "?L 






)y l0$X 






coau A»* 



\ i 

» i 



LABOR 
4.246* 




8 



Traffic. 

The following tables show that 25,555,755 more revenue passengers 
were carried in 1923 than in 1922, representing a 7.17 per cent in- 
crease, and a total of 382,149,697 revenue passengers, the maximum 
number ever carried on this railway in any one year. 

There were 98,384,650 passengers who paid a five-cent fare, an 
average for the year of 25.75 per cent of the traffic. In December 
the percentage had reached approximately 27 per cent of all passen- 
gers carried. 

There was an increase of 3,474,577 car miles operated as well as 
an increase of 428,551 round trips operated compared with previous 
year. 

During the year the southern terminus of the Lechmere train 
service was transferred from Broadway to Kenmore Station. 

The following bus lines were placed in operation : — 

Highland Avenue, Maiden, to Maiden Square. 

Linden to Maiden Square. 

Fellsway and Riverside Avenue, Medford, to Medford Square. 

Medford Square to Medford Hillside. 

East Boston Ferry via Hanover Street to Haymarket Square. 

The extended platform for North Cambridge and Arlington cars 
at Harvard Square with electric indicator signs was placed in opera- 
tion. 

Night cars formerly operated to Adams Square were transferred to 
the Tremont Street Subway. 

For the convenience of passengers an information booth was 
opened at the Park Street Station in December. 

In further aid to patrons an information service has been estab- 
lished at the Executive offices of the railway, where patrons, by tele- 
phone, may secure, at any hour of the day or night, information 
respecting the service. 



9 



Traffic Statistics, Year ending December 31. 






1923. 


1922. 


1921. 


1920. 


Round trips operated .... 


6,488,082 


6,059,531 


5,773,584 


5,764,347 


Passenger revenue 


$33,297,951 50 


$31,834,022 77 


$32,253,629 59 


$33,108,946 48 


Passenger revenue per car mile (cents) . 


61.61 


62.94 


64.89 


64.62 


Passenger revenue per car hour 


$5 71 1 


$7 09 


$7 36 


$7 16 


Passenger revenue mileage 


54,049,665 2 


50,575,088 


49,706,697 


51,237,527 


Passenger revenue car hours 


5,826,993 ] 


4,487,400 


4,381,815 


4,627,295 


Revenue passengers carried 


382,149,697 


356,593,942 


337,252,080 


335,526,561 


Revenue passengers carried per car mile 


7.070 


7.051 


6.785 


6.548 


Revenue passengers carried per car mile . 


65.58 1 


79.47 


76.97 


72.51 



1 Car hours, American Electric Railway Association Standard, adopted February 1, 1923. 

2 Including motor bus mileage 465,382. 



Comparative Passenger Statistics — Revenue Passengers carried. 



Year. 


Week Day 
Average 


Saturday 
Average. 


Sunday 
Average. 


Holiday 
Average. 


Total for 
Year. 


1923 


1,109,274 


1,196,301 


652,404 


758,915 


382,149,697 


1922 










1,030,303 


1,144,320 


617,148 


691,890 


356,593,942 


1921 










975,745 


1,068,295 


578,860 


696,691 


337,252,080 


1920 










960,737 


1,072,319 


591,063 


703,634 


335,526,561 


1919 










934,918 


1,078,635 


596,182 


706,429 


324,758,685 


1918 










985,384 


1,147,809 


658,902 


775,634 


348,664,700 


1917 










1,073,943 


1,249,588 


728,847 


857,902 


381,017,338 


1916 










1,050,038 


1,218,749 


718,804 


832,962 


373,577,908 


1915 










992,283 


1,140,046 


685,726 


846,860 


352,469,586 



Betterments. 

The first unit of the modern repair shops under construction at 
Everett was ready for use and the painting work done at Amory 
Street and at Eagle Street transferred to it on December 26, 1923. 
Within a few weeks all of the repair work done at the Bartlett Street 
shop in Roxbury will be transferred to Everett. 

This change is the first step in eliminating the waste of attempting 
to care for modern rolling stock in quarters originally designed for 
horse cars. 

Work is nearing completion in the construction of the Maverick 



10 

Square Terminal in East Boston, and it is expected that within a 
short time the steel trains will be in operation between Bowdoin 
Square and Maverick Square. This improvement increases the 
maximum carrying capacity of the East Boston Tunnel in rush hours 
136 per cent. 

The daily traffic through the East Boston Tunnel in 1905 was 
33,118, and in 1923, 78,970, indicating the rapidity of increase in 
travel and the need for train operation to meet it. 

The new George Street storehouse for supplies of the Maintenance 
Department and the Elevated Road Department was completed in 
the early part of the year. Additional yard tracks and scales were 
installed to facilitate handling and storing of material. These changes 
permit a systematic station system and mean a considerable economy. 

At the Forest Hills Terminal the elevated inspection shop and 
lobby for the trainmen is now finished and in operation, and sub- 
stantial progress has been made in the development of the carhouse 
yard and facilities for repair of surface cars. 

An extension of the platform and waiting room facilities at the 
Everett surface car terminal has been completed. 

Changes have been made at Lechmere Terminal to improve inter- 
change conditions at this point. 

The construction of a transfer station at Neponset to be used 
jointly with the Eastern Massachusetts has been nearly completed. 

Continued progress has been made in replacement of old type 
signals on the elevated from the Washington Street Tunnel to Dudley 
Street, and this improvement is now in progress between Dudley 
Street and Forest Hills. 

During the year 19.274 miles of track were rebuilt and 6.344 re- 
paired. 

Cars. 

During the year 184 new surface cars were placed in service. 

Delivery of 50 additional new surface cars of the one-man, two- 
man type are expected to be made in a few weeks. 

The 40 steel East Boston Tunnel cars unique in design and ap- 
pointment were delivered during the year and their equipment for 
service is well advanced. The opening of the East Boston Tunnel 
Station at Maverick Square may be expected early in April. 

The number of car defects per 1,000 miles in 1922 was 1.14 and in 
1923 it was .79. 



11 



The number of cars held out of service for repairs has been reduced 
to 6 per cent of the total rolling stock, as compared with 18 per cent 
in 1918. 

During the year 1923 only 7.3 per cent of the mileage was oper- 
ated with the articulated type and box cars, as compared with 50 
per cent operated with this type of equipment in 1918. All of these 
cars should soon disappear. 

Passenger Cars owned December 31, 1923. 



Surface Lines 

Semi-convertible cars 

Semi-convertible cars, new one or two man 

Center entrance cars 

Trailer cars 

One-man cars 

Articulated cars (25-foot type) 
Box cars: 

26J-foot 

25-foot 

24-foot (parlor) 

20-foot (parlor) ..... 

Total box cars 

Total surface passenger cars 



Rapid Transit Lines 
Elevated cars, wood and steel .... 

Elevated cars, steel 

Cambridge Subway cars, steel .... 
East Boston Tunnel cars, steel 



Total rapid transit passenger cars 



Grand Total 



445 
255 
396 
220 
59 
52 



60 
141 

1 

1 



203 



1,630 



99 

227 

95 

40 



461 



2,091 



Power. 

On May 31 the new boiler room and two 1,825 horse power boilers 
were placed in operation at the South Boston Power Station. 

An additional 35,000-kilowatt turbo-generator with condenser 
equipment and the extension to the present turbine room at the 
South Boston Power Station has been under construction, and it is 
expected that this large generator will be in operation within a few 
weeks. 



12 



Through the introduction of the modern boilers at South Boston, 
as well as the introduction of the new light weight cars, — notwith- 
standing an increase of 3,474,577 miles and of 25,555,755 passengers 
carried, — the number of tons of coal burned was 13,409 tons less 
than last year. 





1923. 


1922. 


1921. 


1920. 


1919. 


1918. 


1917. 


Tons of coal burned . 


260,032 


273,441 


215,870 


258,087 


287,670 


281,677 


270,452 


Pounds of coal per kilo- 


2.264 


2.553 


2.174 


2.353 


2.835 


2.772 


2.309 


watt hour. 
















Average price of coal 


$7 085 


$6 777 


$7 71 


$10 07 


$5 91 


$6 26 


$4 19 


per ton. 
















Net cost of power for 


1.227 


1.414 


1.172 


1.921 


1.307 


1.158 


.620 


car service per kilo- 
















watt hour (cents). 
















Net cost of power per 


5.468 


6.153 


4.815 


8.538 


5.439 


4.668 


2.573 


total revenue car mile 
















(cents). 
















Direct current annual 


257,270,357 


239,905,874 


222,461,060 


245,676,503 


239,892,118 


227,582,057 


262,343,882 


output (kilowatts). 
















Direct current maxi- 


82,965 


78,755 


75,905 


72,295 


71,760 


67,965 


79,535 


mum hour output 
















(kilowatts). 

















Hyde Park District. 

In accordance with the provisions of chapter 405 of the Acts of 
1923 a lease was taken from the city of Boston of the railway prop- 
erty of the Hyde Park District for a term extending to the end of 
public control of this railway, and service between Forest Hills and 
Cleary Square, Hyde Park, with surface cars and a bus service be- 
tween Mattapan Square and Wolcott Square, Readville, were in- 
augurated. 

Dorchester Tunnel. 

Chapter 480 of the Acts of 1923 permits the extension of the rapid 
transit facilities in the Dorchester District. The acceptance required 
by the company was given by the Directors of the Boston Elevated 
Railway Company December 31, 1923. The Transit Department of 
the city of Boston, which is to construct the extension, is now at 
work in co-operation with this Board in the preparation of plans for 
facilities which this railway may lease. The tentative plans provide 
for a rapid transit terminal point near Peabody Square, and sur- 
face car operation via the remainder of the Shawmut Branch to 
Mattapan. 



13 



Real Estate. 

On July 1, 1918, when the Trustees took office, the railway owned 
a large number of obsolete car barns, power houses, and parcels of 
vacant land upon which car barns formerly stood. There were 
altogether 53 separate parcels of real estate, assessed for $2,170,257, 
no longer necessary for railway purposes. Since July 1, 1918, 44 
parcels, assessed for $1,924,157, of this lot have been sold, and there 
remain to be sold 9 parcels, assessed for $246,100. 

To the list of salable real estate there have been and will be added 
from time to time other parcels as new shops and modern car houses 
are constructed. 

Outlook. 

Any comprehensive outlook must take in view both betterments 
in service under existing facilities and the extension of those facilities. 

I. 

As far as operating cost and operating revenue are concerned it 
may be safely predicted that at the end of the year closing with the 
30th of June next it should be found that receipts have at least been 
equal to expenditures, so that there should be no deficit to assess on 
cities and towns served. 

It may be asked how this can be realized in view of the fact that 
the increases in wages during the past year will add approximately 
two and one-half million dollars to the labor cost for the year ending 
June 30, 1924, or more than twice the excess of revenue over cost of 
service for the preceding year. 

The answer to this question is that unusual freedom from expense 
in removal of snow has now continued so long as seemingly to assure 
a small rather than a large expense for the entire season. Another 
reason for this faith is belief in the continuance of the increased 
traffic which has made the past calendar year a record-breaking year 
in number of passengers carried. This increase marks the practical 
restoration of traffic lost at first under the 10-cent fare, a restoration 
due in large part to the introduction of 5-cent fare lines that are 
now carrying more than one-quarter of the traffic. There are, too, 
certain economies long in preparation to which reference has already 
been made from which results are now being obtained for the first 
time. 



14 

It must remain true, that whatever compensating factors ma;y be 
found, the increased cost of labor will inevitably tend to check the 
development of additional 5-cent fare lines and improvements in 
service, and will delay the reimbursement of cities and towns. 



II. 

In whatever direction one looks there is an imperative need of ex- 
tensions of the rapid transit system to meet the demands of heavy 
traffic. The utmost that can be done with the existing subways, 
tunnels and tracks, that is, with the rapid transit system as now re- 
stricted, must fail to bring radical relief from the evils of over- 
loaded cars, tracks and stations. 

The Dorchester extension should provide adequate facilities for the 
district which it reaches, incidentally transforming Andrew Square 
from an unsuitable transfer terminal into a suitable way station. 
This undertaking adopts a less expensive and what is believed to be 
an advanced method of construction in making use of available rail- 
road premises known as the Shawmut Branch of the New York, 
New Haven & Hartford Railroad. If this policy of making use of 
available railroad rights of way proves successful, there would seem 
to be similar possibilities in connection with other extensions, for 
example, that from the Everett Terminal through use of the Saugus 
Branch of the Boston & Maine Railroad. 

Looking elsewhere to the north, the present transfer station at 
Lechmere Square, itself part of a decided improvement in the former 
service between Boston and Cambridge and Somerville, is not fitted 
to be a permanent transfer station, and while being used as such 
must fail to satisfy. There should be an extension of rapid transit 
to some point beyond, where a permanent transfer station can be 
located that will adequately meet present and future needs. 

Looking to the south there should be an extension of rapid transit, 
either through construction of a subway under Huntington Avenue, 
with adequate transfer station at its terminus, or according to some 
other plan, in order to bring real relief to a territory not now properly 
.served and that cannot be so served by any manipulation of existing 
surface lines. 

Far-sighted legislation last winter established a Metropolitan 
Planning Board, which is already at work upon these and other 



15 

problems with zeal and ability. It is believed that the adoption of a 
comprehensive plan for the orderly and consistent construction of 
separate trunk lines will provide one harmonious and well-devised 
system of transportation for Boston and suburban cities and towns. 

Capital. 

Capital for subways, tunnels, and permanent structures can un- 
doubtedly be secured through municipal investment, to be repaid in 
rentals by the operating lessee. For them money will be at hand as 
needed at lowest prices. But immediately in the foreground is the 
outstanding need of capital for purchase of additional cars, for en- 
larged power and shop facilities, and other equipment. 

Take the need of additional rolling stock. The table attached to 
this report shows that the Board has continued its policy of replacing 
obsolete and worn-out cars with modern cars. This has been accom- 
plished largely through the funds provided by the charge for depreci- 
ation, but more cars are needed not only to lessen, in certain places, 
the over-crowding of existing cars but to provide for the natural 
growth in traffic. 

Another immediate need is the completion of proper shop facilities. 
As stated elsewhere, the first unit of the shops at Everett is now in 
operation. That will result in a substantial saving in operating ex- 
penses. The construction of the other unit, which is a necessary part 
of this improvement, is now prevented by the lack of capital with 
which to construct it. A practical and important economy which 
should be realized at the first possible moment is thus delayed. 
Additional capital can only be procured by the sale of securities of 
the Boston Elevated Railway Company, either in the form of stock 
or bonds. 

Can these securities be made salable? At the time the Public 
Control Act w r as passed it was believed that with the dividend rate 
of 6 per cent assured it would be possible to issue new stock and 
obtain new capital in that way. 

Such has not been the case. Quite likely this is due in part to the 
indefiniteness of the period of public control which under chapter 159 
of the Special Acts of 1918 continues until 1928, and thereafter until 
terminated by act of the Legislature. The investor does not know 
what action the Legislature may take, and consequently this stock 
does not hold the position which certainty of return would produce. 



16 

This element of doubt also adversely affects the marketing of Jong- 
term bonds. 

No railway that serves growing communities can mark time. It 
must move forward with the prosperity of the people who use it, or 
backward in failure of the purpose of its existence. 

The trustees believe that they have reached the point of departure. 
They have no specific legislation to suggest other than that contained 
in House Document No. 108 of 1924, but they respectfully insist 
that in a public undertaking such as this there would seem to be no 
good reason why those in charge of it should not be able to obtain 
capital upon the rates that the public pay when the State or munici- 
pality is the borrower. They are confident that if this principle is 
recognized the Legislature will appreciate and provide for the exi- 
gencies of the situation. 

JAMES F. JACKSON. 

WINTHROP COFFIN. 

STANLEY R. MILLER. 

J. FRANK O'HARE. 

SAMUEL L. POWERS. 



17 



Boston, Jan. 30, 1924. 



Mr. James F. Jackson, Chairman, Mr. Winthrop Coffin, Mr. Stanley R. 
Miller, Mr. Samuel L. Powers, Mr. J. Frank O'Hare, Trustees, Boston 
Elevated Railway Company, Boston, Mass. 

Sirs: — We have examined the accounts of the Boston Elevated 
Railway for the year ending December 31, 1923, and we report upon 
the railway's financial statements for the year, presented herewith, 
as follows: — 

Road and equipment are shown at book values without adequate 
provision for depreciation prior to June 30, 1918, but in our opinion 
the depreciation provided for the year under review, in pursuance of 
the plan for depreciation reserves thereafter adopted by the trustees, 
is adequate. 

The securities owned by the railway were produced for our inspec- 
tion and are carried at cost values, which, in some cases, exceed the 
market values. We have verified the current assets as shown by the 
books, and have satisfied ourselves that the liabilities are correctly 
stated. 

We hereby certify that, subject to the foregoing comments, the ac- 
companying balance sheet is in accordance with the books and 
correctly states the financial condition of the Boston Elevated Rail- 
way at December 31, 1923; and that the operating results for the 
year 1923 are fairly presented in the accompanying income state- 
ment. 

Respectfully submitted, 

PATTERSON, TEELE & DENNIS, 

Accountants and Auditors. 



General Balance Sheet. 



Debits. 



Dec. 31, 1923. 



Dec. 31, 1922. 



Dec. 31, 1921. 



Investments. 
Road and equipment: 

Way and structures .... 

Equipment 

Power 

General and miscellaneous . . i 
Total road and equipment 
Miscellaneous physical property 
Investments in affiliated companies: 

Stocks 

Notes 

Advancas: 

West End Street Railway Company, road and equip- 
ment. 

Wast End Street Railway Company, suspense road 
and equipment. 

West End Street Railway Company, current account 

Other companies, road and equipment 
Total investments in affiliated companies 
Other investments: 

Stocks 

Notes 

Advances, road and equipment: 
Eastern Massachusetts Street Railway Company 

Total other investments 

Total investments 



560,895,143 85 

23,915,042 10 

16,545,809 30 

1,881,601 30 



$58,335,275 74 

21,423,224 31 

15,690,017 53 

1,788,473 83 



134,344,346 80 
6,503,176 98 
9,330,904 31 
1,768,771 83 



$103,237,5% 55 
$112,348 82 



$97,236,991 41 
$556,521 48 

$201,508 72 



102,851 11 



$51,947,199 92 
$619,319 33 

$201,509 72 
4,848,245 21 

349,421 95 
504,588 16 
884,336 34 
102,852 11 



$2,552 50 
453,200 00 

143,562 99 



$304,359 83 

$2,552 50 
125,600 00 

142,002 38 



$6,890,953 49 

$2,501 00 
86,700 00 

120,740 65 



$599,315 49 
$103,949,260 86 



$270,154 88 
$98,368,027 60 



$209,941 65 
$59,667,414 39 



19 



General Balance Sheet. 



Credits. 



Dec. 31, 1923. 



Deo. 31, 1922. 



Dec. 31, 1921. 



Stock. 
Capital stock: 

First preferred stock 

Second preferred stock 

Preferred stock 

Common stock 

Total capital stock 

Premium on capital stock: 

Second preferred stock ...... 

Common stock ....... 

Total premium on capital stock 

Total stock 

Long Term Debt. 

Funded debt unmatured: 

Miscellaneous obligations: 

6% 5-yr. debenture bonds, due Mar. 1, 1924 

7% 6-yr. W. E. St. Ry. Co. bonds, due Aug. 1, 1924, 

6J% 5-yr. W. E. St. Ry. Co. bonds, due Feb. 1, 1927 

6% 5-yr. W. E. St. Ry. Co. bonds, due May 1, 1927 

H% 20-yr. W. E. St. Ry. Co. bonds, due July 1, 1930 

4% 30-yr. W. E. St. Ry. Co. bonds, due Aug. 1, 1932 

5% 20-yr. W. E. St. Ry. Co. bonds, due Nov. 1, 1932 

4% 30-yr debenture bonds, due May 1, 1935 

5% 20-yr. W. E. St. Ry. Co. bonds, due May 1, 1936 

4*% 30-yr. debenture bonds, due Oct. 1, 1937 . 

4§% 30-yr. debenture bonds, due Nov. 1, 1941 . 

5% 30-yr debenture bonds, due Dec. 1, 1942 

5% 30-yr. W. E. St. Ry. Co. bonds, due Mar. 1, 1944 

7% 30-yr. W. E. St. Ry. Co. bonds, due Sept. 1, 1947 

6% 10-yr. debenture bonds, due June 1, 1933 . 

Total bonds 

Mortgage notes 

Total funded debt unmatured 

Non-negotiable debt to affiliated companies: 

Open accounts not subject to current settlement: 

West End Street Railway Company, lease account . 

West End Street Railway Company, cash suspense 
account. 

Total non-negotiable debt to affiliated companies . 

Total long term debt ...... 



16,400,000 00 

13,957,700 00 

3,000,000 00 

23,879,400 00 



$6, 400, 000 00 

14,029,850 00 

3,000,000 00 

23,879,400 00 



$3,000,000 00 
23,879,400 00 



$47,237,100 00 



$2,232,477 02 
2,707,428 13 



$47,309,250 00 

$2,232,477 02 
2,707,428 13 



$26,879,490 00 



$2,707,428 13 



$4,939,905 15 
$52,177,005 15 



$4,939,905 15 
$52,249,155 15 



$2,707,428 13 
$29,586,828 13 



$1,500,000 00 
1,581,000 00 
2,700,000 00 
1,956,000 00 
1,604,000 00 
5,709,000 00 

600,000 00 
8,500,000 00 

815,000 00 
4,800,000 00 
5,000,000 00 
8,286,000 00 
2,600,000 00 

570,000 00 
3,000,000 00 



$49,221,000 00 

125,000 00 



$49,346,000 00 



$49,346,090 00 



$1,500,000 00 
1,581,000 00 
2,700,000 00 
1,956,000 00 
1,604,000 00 
5,709,000 00 

600,000 00 
8,500,000 00 

815,000 00 
4,800,000 00 
5,000,000 00 
8,286,000 00 
2,600,000 00 

570,000 00 



$1,500,000 00 



$46,221,000 00 

125,000 00 



$46,346,000 00 



$46,346,000 00 



8,500,000 00 

4,800,000 00 
5,000,000 00 
8,286,000 00 



$28,086,000 00 
125,000 00 



$28,211,000 oe 



$1,207,201 98 
7,746 90 



$1,214,948 88 
$29,425,948 88 



20 



General Balance Sheet — Concluded. 



Debits. 



Dec. 31, 1923. 



Dec. 31, 1922. 



Dec. 31, 1921. 



Current Assets. 



Cash . 

Special deposits: 

Deposits for interest, dividends and rents unpaid . 

Special deposit of reserve fund, chapter 159, Special 

Acts, 1918. 
Funds available for capital expenditures only 

Total special deposits 
Loans and notes receivable 
Miscellaneous accounts receivable . 
Material and supplies 
Interest, dividends and rents receivable 
Other current assets .... 

Total current assets 



Deferred Assets. 
Insurance and other funds 

Total deferred assets 

Unadjusted Debits. 
Rents and insurance premiums paid in advance 

Discount on funded debt (net) 

Other unadjusted debits: 

Cost of service deficit for twelve months ending June 
30, 1919, as provided for by Reserve Fund, chapter 
159, Special Acts of 1918. 

Cost of service deficit for twelve months ending June 
30, 1919, as provided for by Commonwealth of Massa- 
chusetts, chapter 159, Special Acts of 1918. 

Other unadjusted debits . . . . 



Total other unadjusted debits 
Total unadjusted debits . 



Total debits 



$1,280,272 53 

$794,613 25 

243,031 99 

45,000 00 



$1,082,645 24 

148,305 78 

3,200,985 74 

51,441 40 

35,882 90 



$5,799,533 59 



$2,975,761 20 



$825,666 20 

$804,907 37 
1,000,000 00 



$1,804,907 37 

$1 00 

165,870 47 

2,418,280 09 

50,555 56 

38,139 00 



$2,975,761 20 

$251,972 97 
559,832 29 



$2,348,397 40 
179,423 60 



$5,303,419 69 



$3,009,892 17 



$1,320,913 37 



$769,146 63 



$769,146 63 

430 98 

227,734 19 

3,251,416 43 

30,308 96 

35,716 13 



$3,009,892 17 

$62,701 94 
260,251 68 



5,462,955 22 
553,975 80 



$5,635,666 69 



$802,550 00 



$802,550 00 

$129,100 42 
291,719 76 

$688,338 05 

3,980,151 67 

203,072 29 



$2,527,821 00 
$3,339,626 26 



$116,064,181 91 



$4,016,931 02 
$4,339,884 64 



$4,871,562 01 
$5,292,382 19 



$111,021,224 10 $71,398,013 27 



21 



General Balance Sheet — Concluded. 




Credits. 


Dec. 31, 1923. 


Dec. 31, 1922. 


Dec. 31, 1921. 


Current Liabilities. 
Loans and notes payable 


$3,934,172 50 


$1,800,000 00 


$2,463,372 13 


Audited accounts and wages payable .... 


1,353,820 74 


1,082,533 97 


1,208,320 20 


Matured interest, dividends and rents unpaid 


795,818 75 


805,112 87 


770,352 13 


Matured funded debt unpaid 


- 


1,000 00 


- 


Accrued interest, dividends and rents payable: 








Accrued interest on funded debt .... 


$531,001 68 


$516,001 66 


$216,441 67 


Accrued interest on loans and notes payable 


196 40 


343 03 


1,726 74 


Accrued rents, leased roads, West End Street Railway 

Company. 
Accrued rents, leased roads, other companies 


8,189 82 


8,188 90 


519,834 87 
8,067 30 


Accrued rents, subways and tunnels .... 


88,313 34 


87,543 30 


116,755 02 


Accrued interest on unpaid taxes ..... 


- 


- 


2,896 00 


Accrued rents, leased roads, Boston Elevated Railway 
Company, dividend rental. 
Total accrued interest, dividends and rents payable 


244,259 75 


245,522 37 


- 


$371,980 99 


$357,599 26 


$855,721 60 


Total current liabilities 


$5,965,772 98 


$4,546,246 10 


$5,307,766 06 


Deferred Liabilities. 
Other deferred liabilities 


$40,323 51 


$38,751 14 


$38,952 50 


Total deferred liabilities 


$40,323 51 


$38,751 14 


$33,952 50 


Unadjusted Credits. 
Tax liability 


$654,671 75 


$344,531 22 


$733,233 02 


Premium on funded debt 


$274,555 14 


$370,548 58 


- 


Operating reserves: 








Injury and damage reserve 


1,031,804 09 


906,601 92 


918,042 56 


Total operating reserves 


$1,031,804 09 


$906,601 92 


$918,042 56 


Accrued depreciation of property 


$3,101,465 82 


$2,058,493 73 


$1,503,431 44 


Other unadjusted credits: 








Outstanding tickets and checks 


$56,026 84 


$102,233 66 


$93,888 66 


Amount advanced by Commonwealth of Massachusetts 
under chapter 159, Special Acts of 1918, account deficit 
in cost of service for 12 months ending June 30, 1919. 


2,348,397 40 


3,462,955 22 


3,980,151 67 


Other unadjusted credits 


3,954 76 


25,744 90 


48,747 52 


Total other unadjusted credits .... 


$2,408,379 00 


$3,590,933 78 


$4,122,787 85 


Total unadjusted credits 


$7,480,875 80 


$7,771,109 23 


$7,277,494 87 


Corporate Surplus. 
Profit and loss, balance June 30, 1918 .... 


$98,869 06i 


$173,083 651 


$238,977 17i 


Profit and loss, since June 30, 1918 


375,110 07i 


339,521 34 


- 


Balance arising out of consolidation with West End Street 

Railway Company, June 10, 1922. 
Miscellaneous fund reserves ...... 


115,976 57 
412,207 03 


96,475 21 1 


- 


Total corporate surplu? ..... 


$54,204 47 


$69,962 48 


$238,977 17i 


Total credits 


$116,064,181 91 


$111,021,22410 


$71,398,013 27 



i Debit. 



22 



Income Statement. 





Twelve 

Months ending 

Dec. 31, 1923. 


Twelve 

Months ending 

Dec. 31, 1922. 


Twelve 

Months ending 

Dec. 31,1921. 


Operating Income. 








Passenger revenue . . . . . . 


$33,282,041 55 


131,817,072 46 


$32,237,396 47 


Special car revenue ........ 


15,909 95 


16,950 31 


16,233 12 


Mail revenue ......... 


326 70 


391 30 


578 98 


Express revenue ........ 


50,058 33 


50,132 45 


44,154 94 


Miscellaneous transportation revenue .... 


2,475 27 


9.131 66 


3,838 20 


Total revenue from transportation 


$33,350,811 80 


$31,893,67818 


$32,302,201 71 


Station and car privileges ...... 


$329,003 18 


$310,830 35 


$305,937 96 


Rent of tracks and facilities 


29,275 99 


29,706 88 


26,051 00 


Rent of equipment ........ 


5,236 45 


3,705 20 


1,659 83 


Rent of buildings and other property .... 


106,175 26 


112,829 09 


111,951 20 


Power 


110,133 90 


81,004 13 


84,932 67 


Miscellaneous 


16,376 06 


21,079 96 


20,318 76 


Total revenue from other railway operations 


$596,200 84 


$559,155 61 


$550,851 42 


Total railway operating revenues .... 


$33,947,012 64 


$32,452,833 79 


$32,853,053 13 


Railway operating expenses: 








Way and structures ....... 


$4,030,197 21 


$3,335,892 96 


$3,021,844 18 


Equipment 


3,507,212 63 


3,333,241 54 


4,470,357 23 


Power 


3,094,731 22 


3,261,918 91 


2,532,500 73 


Conducting transportation 


10,905,932 68 


10,040,831 82 


10,752,382 64 


Traffic 


3,363 73 


3,032 88 


2,401 23 


General and miscellaneous ..... 


2,609,928 82 


2,145,070 71 


2,063,570 98 


Transportation for investment 


21,112 88i 


31,530 07 » 


- 


Total railway operating expenses . 


$24,130,253 41 


$22,088,458 75 


$22,843,056 99 


Per cent of operating expenses to operating revenues 


71.08 


68.06 


69.53 


Per cent of operating expenses to operating and non- 
operating income. 


70.77 


67.55 


68.65 


Net revenue, railway operations ..... 


$9,816,759 23 


$10,364,375 04 


$10,009,996 14 


Taxes assignable to railway operations .... 


$1,688,139 91 


$1,587,186 83 


$1,546,758 15 


Operating income 


$8,128,619 32 


$8,777,188 21 


$8,463,237 99 



1 Credit. 



23 



Income Statement — Concluded. 





Twelve 

Months ending 

Dec. 31, 1923. 


Twelve 

Months ending 

Dec. 31, 1922. 


Twelve 

Months ending 

Dec. 31, 1921. 


Non-Operating Income. 








Net income from miscellaneous physical property . 


$1,935 14 


- 


- 


Income from lease of road ...... 


823 40 


$823 40 


$823 40 




9,183 50 


9,181 75 


9,180 00 


Income from funded securities 


16,400 71 


5,147 62 


4,503 41 


Income from unfunded securities and accounts 


58,505 33 


196,030 85 


375,158 65 


Income from sinking fund and other reserves 


33,280 00 


33,280 00 


33,280 00 


Release of premiums on funded debt .... 


27,568 30 


- 


- 


Miscellaneous income 


2,104 24 


1,878 96 


1,026 94 


Total non-operating income ..... 


$149,300 82 


$246,342 58 


$423,972 49 


Gross income 


$8,278,419 94 


$9,023,530 79 


$8,837,210 39 


Deductions from Gross Income. 








Itent for leased roads: 








West End Street Railway Company .... 


- 


SI, 184,360 67 


$2,630,780 24 


West End Street Railway Company, Tremont Street 
Subway. 


$52,512 04 


81,263 66 
49,119 85 


182,512 32 
48,914 48 


Boston Elevated Railway Company, dividend rental 


3,133,065 63 


2,413,115 23 


1,523,367 00 


Total rent for leased roads 


$3,185,577 67 


$3,727,859 41 


$4,385,574 04 


Miscellaneous rents ........ 


$2,026,936 52 


$1,927,150 59 


$1,781,225 46 


Net loss on miscellaneous physical property . 


- 


8,732 53 


6,959 96 


Interest on funded debt 


2,289,214 58 


1,831,394 45 


1,292,800 00 


Interest on unfunded debt ...... 


26,811 96 


59,921 12 


201,458 43 


Amortization of discount on funded debt 


51,120 54 


31,458 08 


31,468 08 


Miscellaneous debits 


19,127 11 


24,815 53 


16,279 55 


Total deductions from gross income 


$7,598,788 33 


$7,611,341 71 


$7,715,765 52 


Balance after cost of service 


$679,631 56 


$1,412,189 08 


$1,171,444 87 



24 



Operating Expense Accounts. 



1923. 



1922. 



1921. 



Wat and Structures. 
Superintendence of way and structures .... 

Maintenance of track and roadway (except snow and ice) 
Removal of snow and ice . 
Roadway structure .... 

Signal and telephone and telegraph lines 
Other miscellaneous way expenses . 
Maintenance of electric line equipment 
Maintenance of buildings, fixtures and grounds 
Depreciation of way and structures 
Total way and structures . 

Equipment. 
Superintendence of equipment 
Maintenance of cars ..... 

Maintenance of electrical equipment of cars 
Shop expenses ...... 

Miscellaneous equipm'ent, vehicles, horses, et 
Depreciation of equipment 

Total equipment .... 

Power. 
Superintendence of power 
Maintenance of power plants . 

Depreciation of power plant buildings and equipment 
Operation of power plants 

Total power ..... 

Conducting Transportation 
Superintendence of transportation . 
Passenger conductors, motormen and trainmen 
Freight conductors, motormen and trainmen 
Miscellaneous car service employees 
Miscellaneous car service expenses 
Station employees 
Station expenses 
Car house employees 
Car house expenses . 
Operation of signal and telephone and te 
Other transportation expenses . 

Total conducting transportation 




egraph lines 



$248,982 68 

1,839,136 58 

312,987 31 

100,635 52 

34,844 51 

24,374 50 

286,168 36 

421,547 75 

761,520 00 



$4,030,197 21 

$145,647 13 
1,530,825 65 
616,753 25 
267,364 00 
104,942 60 
841,680 00 



$3,507,212 63 

$89,832 93 

340,120 13 

400,800 00 

2,263,978 16 



$3,094,731 22 

$1,084,881 13 

7,043,938 40 

15,706 17 

282,737 65 

146,449 07 

753,913 14 

203,314 57 

855,488 88 

57,577 10 

239,350 87 

222,575 70 



$10,905,932 68 



$210,733 57 

1,615,411 69 

103,291 10 

99,612 69 

22,134 98 

20,846 29 

261,353 24 

381,269 40 

621,240 00 



$3,335,892 96 

$138,091 81 

1,537,888 99 

556,663 00 

260,432 60 

58,605 14 

781,560 00 



$3,333,241 54 

$82,017 24 

346,884 10 

601,200 00 

2.231,817 57 



$3,261,918 91 

$970,988 98 

6,442,707 49 

13,967 87 

278,650 32 

142,702 09 

720,977 04 

209,368 86 

803,570 03 

56,782 25 

210,814 74 

190,302 15 



$10,040,831 82 



$211,850 11 

1,724,134 42 

63,460 07 

96,630 14 

23,370 33 

14,012 13 

278,348 00 

335,038 98 

275,000 00 



$3,021,844 18 

$142,844 54 

1,640,767 49 

628,477 20 

275,822 05 

53,445 95 

1,729,000 00 



$4,470,357 23 

$79,834 66 
337,746 70 

2,114,919 37 



$2,532,500 73 



),478 82 

7,041,863 84 

12,150 78 

311,922 91 

155,427 67 

720,736 44 

183,938 93 

873,312 15 

59,941 20 

221,537 17 

181,072 73 



$10,752,382 64 






25 



Operating Expense Accounts — Concluded. 








1923. 


1922. 


1921. 


Traffic. 










$3,363 73 


$3,032 88 


$2,401 23 


General and Miscellaneous. 








Salaries and expenses of general officers and clerks 


$416,448 77 


$400,528 25 


$412,724 08 


General office supplies and expenses .... 


129,010 58 


77,789 71 


81,760 91 




53,393 15 


44,712 34 


62,180 47 


Relief department expenses, pensions and gratuities 


121,681 32 


94,365 35 


60,291 17 


Miscellaneous general expenses 


77,449 10 


70,121 41 


75,270 56 


Injuries and damages 


975,020 68 


692,800 52 


665,798 02 




316,413 99 


290,157 08 


287,406 21 


Stationery and printing 


96,726 62 


121,134 97 


92,120 81 


Store, garage and stable expenses 


360,951 94 


309,172 83 


286,504 07 


Rent of tracks and facilities 


34,548 59 


23,275 28 


24,212 73 




28,284 08 


21,012 97 


15,301 95 


Total general and miscellaneous .... 


$2,609,928 82 


$2,145,070 71 


$2,063,570 98 


Transportation for investment 


$21,112 33 i 


$31,530 07 1 


- 


Total operating expenses ' . 


$24,130,253 41 


$22,088,458 75 


$22,843,056 99 



1 Credit. 



26 



History of the 1919 Loan Assessment on Cities and Towns (Chapter 

159, Special Acts of 1918). 

Allocation of Assessment on Cities and Towns of Boston Elevated Deficit, Year 

ended June 30, 1919. 



Cities and Towns. 


Passengers. 


Per 
Cent. 


Amount of 
Assessment. 


Distribution 
of July, 1922, 
Repayment. 


Distribution 
of July, 1923, 
Repayment. 


Balance 
due. 


Boston .... 


2,100,423 


71.9330 


$2,863,042 50 


$372,034 92 


$790,029 10 


$1,700,978 48 


Cambridge 






283,475 


9.7081 


386,397 11 


50,209 95 


106,622 54 


229,564 62 


Soinerville 






122,583 


4.1981 


167,090 75 


21,712 43 


46,106 54 


99,271 78 


Brookline 






74,553 


2.5532 


101,621 23 


13,205 06 


28,040 99 


60,375 18 


Medford . 






59,754 


2.0464 


81,449 82 


10,583 91 


22,475 56 


48,390 35 


Maiden 






55,838 


1.9123 


76,112 44 


9,890 35 


21,002 65 


45,219 44 


Everett . 






54,823 


1.8775 


74,727 35 


9,710 36 


20,619 69 


44,397 30 


Watertown 






41,198 


1.4109 


56,155 96 


7,297 12 


15,496 14 


33,362 70 


Arlington 






32,477 


1.1122 


44,267 25 


5,752 26 


12,215 36 


26,299 63 


Chelsea 






29,659 


1.0157 


40,426 40 


5,253 17 


11,154 86 


24,018 37 


Newton . 






27,201 


.9316 


37,079 09 


4,818 20 


10,231 84 


22,029 05 


Belmont . 






18,746 


.6420 


25,552 57 


3,320 40 


7,051 43 


15,180 74 


Quincy (Commonwealth 
of Massachusetts'). 

Stoneham (Common- 
wealth of Massachusetts) 

Commonwealth of Massa- 
chusetts. l 


15,569 
3,674 


.5332 
.1258 


21,222 17 
5,007 03 


2,757 69 

650 63 


18,464 48 

4,356 40 

690 24 


« 690 24 


Totals 






2,919,973 


100.00 


$3,980,151 67 


$517,196 45 


$1,114,557 82 


$2,348,397 40 



Based on traffic counts made July 24, 25, 26, 27, 1919, in accordance with the provisions of section 14, 
chapter 159, Special Acts of 1918. 

1 From the July, 1923, repayment the Commonwealth of Massachusetts deducted $690.24 to 
reimburse themselves for the difference between 126 days' interest at 4.28 per cent on 
$4,000,000 (note issued July 17, 1919, due November 20, 1919) and $3,980,151.67, the amount 

paid to the Boston Elevated Railway Company $297 33 

And interest from July 17, 1919, to July 19, 1923, on amount the State deducted to pay assess- 
ment of Quincy and Stoneham 392 91 

Amount of expense to State to be assessed to towns and cities pro rata to their original 

contribution $690 24 

» Credit. 



27 



BOSTON ELEVATED RAILWAY COMPANY, 
TRUSTEE. 

Statement of Special Trust Fund, December 31, 1923. 

Principal of trust fund as established $1,500,000 00 

Accretions and accumulations to December 31, 1923 . . . 673,211 20 



Total special trust fund $2,173,21120 

Income from June 10, 1922, to December 31, 1923 . $113,508 09 
Less amount paid on account of retirement of 
72 1£ shares of second preferred stock, purchased 

in July, 1923 72,193 40 

41,314 69 

Investments $2,171,549 80 

Cash on deposit $42,976 09 

The above trust fund is held by the Boston Elevated Railway Com- 
pany under chapter 740, Acts of 1911, — "An Act to authorize the 
consolidation of properties and franchises of the Boston Elevated Rail- 
way Company and the West End Street Railway Company," — and 
represents the proceeds from the sale to the Boston Elevated Railway 
Company of real estate of the West End Street Railway Company 
which was not required in the conduct of the business. The amount 
so received ($1,500,000) has been held by the Boston Elevated Railway 
Company and invested by it and allowed to accumulate until the 
tenth day of June, 1922. Hereafter the annual income therefrom will 
be applied toward the purchase and retirement of the second preferred 
stock of the Boston Elevated Railway Company. No part of this 
fund or its income can be used for any other purpose until all of the 
second preferred stock has been retired, when the fund becomes avail- 
able for capital purposes. 



12 






ANNUAL REPORT 



OF THE 



PUBLIC TRUSTEES OF THE BOSTON 
ELEVATED RAILWAY 



FOB THE 



Yeab ending December 31, 1924 



ANNUAL REPORT 



OF THE 



PUBLIC TRUSTEES OF THE BOSTON 
ELEVATED RAILWAY 



FOR THE 



Year ending December 31, 1924 



BOARD OF TRUSTEES 

(Appointed by the Governoi of Massachusetts, pursuant to 
Chapter 159 of the Special Acts of 1918.) 

JAMES F. JACKSON, Chairman. 
WINTHROP COFFIN. J. FRANK O'HARE. 

STANLEY R. MILLER. SAMUEL L. POWERS. 

OFFICERS 

(Appointed by the Trustees.) 



EDWARD DANA . 
HENRY L. WILSON 
JOHN H. MORAN . 
H. WARE BARNUM 
RUSSELL A. SEARS 



General Manager. 
Treasurer. 
General Auditor. 
General Counsel. 
General Claims Attorney. 



REPORT OF THE BOARD OF PUBLIC TRUSTEES 
OF THE BOSTON ELEVATED RAILWAY. 



The Public Trustees of the Boston Elevated Railway respectfully 
submit their sixth annual report. 

Results of Operation. 

The sixth fiscal year of public operation of this railway closed with 
June 30, 1924. As there was at that time no excess of receipts over 
expenditures for the preceding twelve months, no payments were 
made to the cities and towns which had contributed to the loan 
assessment to meet the deficit of the first year of public operation. 
The aggregate amount contributed by the municipalities in 1919 was 
$3,980,151.67. The excess of receipts over cost of service during 
the past years had been applied, first, to the restoration of the ex- 
hausted reserve fund, and after this was accomplished there was 
paid back to the cities and towns $517,196.45 in July, 1922, and 
$1,114,557.82 in July, 1923. The aggregate of these amounts was 
distributed among the cities and towns served by the railway and 
reduced to $2,348,397.40, the balance still due them. 

During the calendar year which closed with December 31, 1924, 
gross receipts and number of revenue passengers carried were the 
largest in the experience of the railway, either under private manage- 
ment or public control. Owing, however, to increases in wages, the 
first under the Mayberry award and the later under the McLaugh- 
lin award, the operating labor cost of the past calendar year has 
mounted to $17,358,670.49, an increase of $1,134,394.55 over the 
operating labor cost of 1923. 

Immediately following the announcement of the decision in the 
last arbitration proceedings it was necessary to increase the 5-cent 
local fare, which had been established largely for the outlying dis- 
tricts, to a basis of 6 cents. The Trustees feel that there has been 
no substantial diminution in traffic as a result of this increase, and 
feel that the additional revenue thereby secured will aid largely in 
meeting the increased costs. 



6 



Receipts and Expenditures. 



The following comparative tables present a summary of receipts 
and expenditures for the past and four preceding calendar years 
and the allocation of cost of service per revenue passenger for the 
year ending December 31, 1924: 



Comparative Division of Receipts and Expenditures for Year ending December SI. 




1924. 


1923. 


1922. 


1921. 


1920. 


Total receipts .... 


$34,175,319 61 


$34,096,813 26 


$32,699,176 37 


$33,277,025 53 


$34,031,636 44 


Operating expenses: 












Wages 


$17,358,670 49 


$16,224,275 94 


$14,772,340 42 


$15,563,255 53 


$17,216,445 20 


Material and other items 


3,203,378 92 


3,236,805 32 


2,903,650 98 


3,093,934 69 


3,310,858 94 


Injuries and damages . 


740,025 39 


822,775 24 


555,355 59 


518,249 02 


640,165 04 


Depreciation 


2,496,000 00 


2,004,000 00 


2,004,000 00 


2,004,000 00 


2,004,000 00 


Fuel 


1,424,058 76 


1,842,396 91 


1,853,111 76 


1,663,617 75 


2,597,652 93 


Total operating expenses . 


$25,222,133 56 


$24,130,253 41 


$22,088,458 75 


$22,843,056 99 


$25,769,122 11 


Taxes 


1,623,995 65 


1,688,139 91 


1,587,186 83 


1,546,758 15 


1,142,987 28 


Rent of leased roads (including 
dividend rental under chap- 
ter 159, Acts of 1918). 

Subway and tunnel rents 


3,175,566 55 
2,125,593 96 


3,185,577 67 
2,026,936 52 


3,646,595 75 
2,008,414 25 


4,203,061 72 
1,963,737 78 


4,102,230 36 
1,790,432 30 


Interest on bonds and notes . 


2,602,891 00 


2,316,026 54 


1,891,315 57 


1,494,258 43 


1,514,963 98 


Miscellaneous items 


61,835 29 


70,247 65 


65,016 14 


54,707 59 


59,067 65 


Total cost of service 


$34,812,016 01 


$33,417,181 70 


$31,286,987 29 


$32,105,580 66 


$34,378,803 68 


Loss for year .... 


$636,696 40 


- 


- 


- 


$347,167 24 


Gain for year .... 


- 


$679,631 56 


$1,412,189 08 


$1,171,444 87 


- 



Profit and Loss Adjustments not included in above. 



Boston Elevated Railway 

Allocation or Cost or Service: 
per Passenger 

12. Months Ending December 31, 1324. 
Average Receipts perRevenuePassenger 



Cost of Service 




per RevenuePassenger 



DIVIDED AS FOLLOWS 




8 



Traffic. 

During 1924 there were 739,151 more revenue passengers carried 
than in 1923. Passenger revenue mileage was increased by 1,939,014 
miles, in large measure due to increased use of one-man cars which 
permitted an increased service without corresponding increase in 
cost. The one-man car and motor bus miles amounted to 31.7 per 
cent of the total surface miles operated. 

The increase in revenue passengers occurred on week days and 
Saturdays, there being a decrease of traffic on Sundays and holidays. 

The operation of motor busses has increased. The miles covered 
in 1922 were 63,937; in 1923, 465,382; and in 1924, 890,901. At the 
present time busses are operated on the following routes: 

Brooks and Faneuil streets, to Union Square, Allston. 

Readville to Mattapan Square. 

Green Street, Cambridge to Commonwealth Avenue, Boston. 

Arch and Summer streets to Rowes Wharf, Boston. 

Haymarket Square to Battery and Commercial streets, Boston. 

Belgrade Avenue and Centre Street, West Roxbury to Eliot Street, Jamaica 

Plain. 
Fellsway and Medford Street to Maiden Square. 
Riverside Avenue to Medford Hillside. 
Magoun Square, Somerville to Sullivan Square. 
Linden to Maiden Square. 
Maiden Square to Broadway, North, Maiden. 
Faulkner to Cross and Main streets, Maiden. 



9 



Traffic Statistics, Year ending December SI. 





1924. 


1923. 


1922. 


1921. 


Round trips operated .... 


6,994,749 


6,488,082 


6,059,531 


5,773,584 


Passenger revenue 


$33,419,172 22 


$33,297,951 50 


$31,834,022 77 


$32,253,629 59 


Passenger revenue per car mile (cents) . 


59.69 


61.61 


62.94 


64.89 


Passenger revenue per car hour 


$5 67 


$5 71 


-i 


_i 


Passenger revenue mileage 


55,988,6792 


54,049,665' 


50.575.088 2 


49,706,697 


Passenger revenue car hours . 


5,894,115 


5,826,993 


_i 


-i 


Revenue passengers carried 


382,888,848 


382,149,697 


356,593,942 


337,252,080 


Revenue passengers carried per car mile 


6.838 


7.070 


7.051 


6.785 


Revenue passengers carried per car hour 


64 96 


65.58 


_i 


_i 



1 Comparable statistics not available. 

2 Including motor bus mileage. 



Comparative Passenger Statistics — Revenue Passengers carried. 



Year. 


Week Day 
Average. 


Saturday 
Average. 


Sunday 
Average. 


Holiday 
Average. 


Total for 
Year. 


1924 


. 1,109,861 


1,216,132 


630,755 


727,191 


382,888,848 


1923 












1,109,274 


1,196,301 


652,404 


758,915 


382,149,697 


1922 












1,030,303 


1,144,320 


617,148 


691,890 


356,593,942 


1921 












975,745 


1,068,295 


578,860 


696,691 


337,252,080 


1920 












960,737 


1,072,319 


591,063 


703,634 


335,526,561 


1919 












934,918 


1,078,635 


596,182 


706,429 


324,758,685 


1918 












985,384 


1,147,809 


658,902 


775,634 


348,664,700 


1917 












1,073,943 


1,249,588 


728,847 


857,902 


381,017,338 


1916 












1,050,038 


1,218,749 


718,804 


832,962 


373,577,908 


1915 












992,283 


1,140,046 


685,726 


846,860 


352,469,586 



Operating Changes and Betterments. 

On the 1st of March the Arborway Transfer Station at Forest 
Hills was opened, improving transfer conditions between Jamaica 
Plain and West Roxbury cars. 

On the 21st of April the operation of surface cars in the East 
Boston Tunnel was superseded by the operation of specially con- 
structed steel rapid transit trains. This change materially decreased 



10 

the running time, eliminated congestion at way stations and made 
possible a far larger use of the tunnel. 

Since August 27 elevated train service has been extended daily 
from 12.30 to 1.15 a.m. for the convenience of night patrons. 

The running of cars over Harvard Bridge was suspended from 
the 24th of August to the 3d of November in the interest of safety, 
incidentally expediting reconstruction work and reducing the length 
of time the bridge was under reconstruction. 

Block signals have been installed on curves in the Tremont Street 
Subway. 

The new Instruction School in Sullivan Square was completed 
and has been placed in service. 

Changes were made at Dudley Street Terminal to provide safe 
passage for passengers from the west incline. 

A new alternating current signal system for the entire Forest Hills 
section was placed in operation during October. 

Improved waiting-room facilities were provided at Lechmere 
Square on the Cambridge platform. 

The stairway at Egleston Square Station has been re-arranged in 
the interest of safety. 

Changes were recently made in the location of transfer station at 
Coolidge Corner to conform with traffic plans of the town of Brook- 
line. 

The so-called Bartlett Street units of the Everett repair shops 
were completed and the personnel and equipment transferred from 
the Bartlett Street shops on March 1, 1924, since which time there 
has been a great improvement in the facilities available for heavy 
repair work and painting of cars. 

The work of erecting at Forest Hills a new Lobby Building for 
the car service men, a large garage for motor busses, and a suitable 
heating plant to provide for all of the buildings grouped at this lo- 
cation has been nearly completed. 

Final plans for the extension of rapid transmit service in the 
Dorchester District by utilization of the Shawmut Branch of the 
New Haven Railroad have been worked out in conjunction with 
the Boston Transit Department. The lease of the premises has 
been executed, all legal formalities completed, the contract for the 
first section let and work of construction started. When finished 



11 



this extension will provide for operation of the Cambridge-Dor- 
chester Tunnel trains as far as Ashmont, or three and three-quarter 
miles from the present terminus at Andrew Square, and the opera- 
tion of high speed trolley service on private right of way from Ash- 
mont to Mattapan. 

Acting upon the request of the Trustees, the Transit Department 
of the City of Boston has continued the work of lowering platforms 
in the Tremont Street Subway. 

During the twelve months 17.15 miles of track and special work 
have been rebuilt and 3.77 miles of track and special work repaired. 

Cars. 

During the year there were received eight East Boston Tunnel 
cars in addition to the forty originally purchased and eighty-nine 
new cars of the one-man, two-men type. 

In 1918 the number of cars held out of service for repairs was 
18 per cent. During 1924 a satisfactory record of 6 per cent has 
been maintained. Whereas in 1918, 50 per cent of the surface car 
mileage was operated with articulated and box cars, during the year 
1924 only 7 per cent was operated by cars of this type. 



Passenger Cars owned December 31. 

Surface Lines. 



1924. 



1923. 



Semi-convertible cars 

Semi-convertible cars, one-man or two-men 

Center entrance cars 

Trailer cars 

One-man cars (Birney type) 
Articulated cars (50-foot type) 

Box cars 

Total surface passenger cars . 



443 


445 


3441 


255 


396 


396 


220 


220 


36 


59 


30 


52 


183 


203 



1,652 



1,630 



1 Seventeen more cars of this type are on order. 



12 



Passenger Cars owned December 31 
Rapid Transit Lines. 



Concluded. 



Elevated cars, wood and steel 

Elevated cars, steel 

Cambridge Subway cars, steel 

East Boston Tunnel cars, steel 

Total rapid transit passenger cars 
Grand total .... 




Accident Record. 

The accident record of the year has shown improvement. Oper- 
ating expenses on this account were lowered from $975,020.68 in 
1923 to $914,043.17 in 1924. 

Accidents per million miles operated with one-man cars were re- 
duced from 230 in 1923 to 205 in 1924. Accidents per million miles 
operated with two-men cars were reduced from 259 in 1923 to 249 
in 1924. 

Power. 

Power cost has been less, due to plant improvements, which have 
made possible more efficient operation, and to lower price of coal. 

A new 35,000-kilowatt turbo-generator at South Boston Power 
Station was put in operation on March 31. The generating capacity 
at South Boston was increased thereby to 122,000 kilowatts. This 
capacity will not be available as a whole until additional boilers and 
transmission lines are installed. 

The average number of pounds of coal consumed per kilowatt 
hour direct current at the cars was 2 . 068, the lowest of any year 
in the history of the railway. The average cost of coal for power 
during the year was $5,921 per long ton. The number of tons of 
coal burned was reduced from 260,032 in 1923 to 240,493 in 1924, 
notwithstanding an increase in kilowatt hour output. The maxi- 
mum current output for any one hour was 86,245 kilowatts, which 
was the greatest in the history of the railway. 

During the year 115,675 feet of underground conduit were laid. 
This includes an additional connection between the South Boston 



13 



Power Station and the main feeder circuit for the entire system, 
thereby lessening the danger of interruption of service. 





1924. 


1923. 


1922. 


1921. 


1920. 


1919. 


1918. 


Tons of coal burned . 


240,493 


260,032 


273,441 


215,870 


258,087 


287,670 


281,677 


Pounds of coal per 


2.068 


2.264 


2.553 


2.174 


2.353 


2.835 


2.772 


kilowatt hour (di- 
















rect current on line). 
















Average price of coal 


$5 921 


$7 085 


$6 777 


$7 71 


$10 07 


$5 91 


$6 26 


per ton. 
















Net cost of power for 


1.093 


1.227 


1.414 


1.172 


1.921 


1.307 


1.158 


car service per kilo- 
















watt hour (cents). 
















Net cost of power per 


4.833 


5.468 


6.153 


4.815 


8.538 


5.439 


4.668 


total revenue car 
















mile (cents). 
















Direct current annual 


260,401,225 


257,270,357 


239,905,874 


222,461,060 


245,676,503 


239,892,118 


227,582,057 


output (kilowatts). 
















Direct current maxi- 


86,245 


82,965 


78,755 


75,905 


72,295 


71,760 


67,965 


mum hour output 
















(kilowatts). 



















Real Estate. 

Of the 53 parcels of real estate assessed for $2,170,257 which were 
not in use for railway purposes at the time the Trustees assumed 
control in 1918, only 2, assessed for $30,700, remain unsold. 

During the past six years some additional properties have been 
retired from active use. The total of real estate owned by the com- 
pany and not in active use or required for development consists of 
six parcels assessed for $581,800, the largest single item being the 
old Bartlett Street shops assessed for $546,500. These will be sold 
as rapidly as reasonable prices can be obtained. 



Outlook. 

The summer and fall months were characterized as usual by large 
expenditures in reconstruction work. While the summer traffic 
was affected as usual by vacation and holiday limitations, it was 
affected to an unusual extent by automobile competition and a 
depression in certain lines of business with accompanying lack of 
employment and consequent loss in riding. From July 1 to Novem- 
ber 1 the excess of cost of service over receipts was $1,042,556.11, 
exclusive of charge for back pay and profit and loss adjustments, an 
aggregate considerably larger than during the same period of 1923, 
and the restoration to a surplus of receipts over cost of service was 



14 

slow. This exhausted the Reserve Fund, but November showed a 
small excess of receipts over cost of service, and the receipts for 
December exceeded expenditures by $305,503.75. Since then a 
gratifying increase in receipts has taken place, so that there is reason 
to believe that with the closing of this fiscal year on the 30th of 
June it will be found that receipts have been equal to expenditures. 
To accomplish this result in view of the increased rate of wages 
awarded last summer the Trustees have been compelled to lessen 
service and to decrease working hours and number of men employed. 
Since our last annual report the matter of capital requirements 
and future control of this railway has been exhaustively considered 
by a recess committee of the General Court, whose report is now 
before a joint committee and therefore no reference is made to that 
subject-matter. 

JAMES F. JACKSON. 

WINTHROP COFFIN. 

STANLEY R. MILLER. 

J. FRANK O'HARE. 

SAMUEL L. POWERS. 



15 



Boston, January 30, 1925. 



Mr. James F. Jackson, Chairman, Mr. Winthrop Coffin, Mr. 
Stanley R. Miller, Mr. Samuel L. Powers, Mr. J. Frank 
O'Hare, Trustees, Boston Elevated Railway, Boston, Mass. 

Sirs: — We have examined the accounts of the Boston Elevated 
Railway for the year ending December 31, 1924, and we report upon 
the railway's financial statements for the year, presented herewith 
as follows: 

Road and equipment are shown at book values. In our opinion, 
adequate provision for depreciation has been made for the year 
under review, in pursuance of the plan for depreciation reserves fol- 
lowed by the Public Trustees from July 1, 1918. 

The securities owned by the railway were produced for our in- 
spection and are carried at cost values, which, in some cases, exceed 
the market values. We have verified the current assets as shown 
by the books, and have satisfied ourselves that the liabilities are 
correctly stated. 

We hereby certify that, subject to the foregoing comments, the 
accompanying balance sheet is in accordance with the books and 
correctly states the financial condition of the Boston Elevated Rail- 
way at December 31, 1924; and that the operating results for the 
year 1924 are fairly presented in the accompanying income state- 
ment. 

Respectfully submitted, 

PATTERSON, TEELE & DENNIS, 

Accountants and Auditors. 



16 



General Balance Sheet. 



Debits. 



Dec. 31, 1924< 



Dec. 31, 1923. I Dec. 31, 1922. 



Investments. 
Road and equipment: 

Way and structures 

Equipment 

Power 

General and miscellaneous 

Total road and equipment 

Miscellaneous physical property 

Investments in affiliated companies: 

Stocks 

Advances: 
Other companies, road and equipment 
Total investments in affiliated companies 
Other investments: 

Stocks 

Notes 

Advances, road and equipment: 
Eastern Massachusetts Street Railway Company . 

Total other investments 

Total" investments 



$61,477,855 69 

24,966,763 74 

17,452,644 77 

1,893,554 61 



$60,895,143 85 

23,915,042 10 

16,545,809 30 

1,881,601 30 



$105,790,818 81 
$58,889 12 



$103,237,596 55 
$112,348 82 



$2,552 50 
155,250 00 

114,346 66 



$272,149 16 
$106,121,857 09 



$2,552 50 
453,200 00 

143,562 99 



$58,335,275 74 

21,423,224 31 

15,690,017 53 

1,788,473 83 



$97,236,991 41 
$556,521 48 

$201,508 72 

102,851 11 



$599,315 49 
$103,949,260 86 



$304,359 83 

$2,552 50 
125,600 00 

142,002 38 



$270,154 88 
$98,368,027 60 



17 



General Balance Sheet. 



Credits. 



Dec. 31, 1924. Dec. 31, 1923. 



Stock. 
Capital stock: 

First preferred stock 

Second preferred stock 

Preferred stock . . . . 

Common stock 

Total capital stock 

Premium on capital stock: 

Second preferred stock 

Common stock 

Total premium on capital stock .... 

Total stook 

Long-Term Debt. 
Funded debt unmatured: 
Miscellaneous obligations: 
6% 5-yr. Boston Elev. Ry. bonds, due Mar. 1, 1924 . 
7% 6-yr. W. E. St. Ry. Co. bonds, due Aug. 1, 1924 
6J% 5-yr. W. E. St. Ry. Co. bonds, due Feb. 1, 1927 
6% 5-yr. W. E. St. Ry. Co. bonds, due May 1, 1927 
41% 20-yr. W. E. St. Ry. Co. bonds, due July 1, 1930 



4% 30-yr. W. E. St. Ry. Co. bonds, due Aug. 1 
5% 20-yr. W. E. St. Ry. Co. bonds, due Nov. 1 
6% 10-yr. Boston Elev. Ry. bonds, due June 1 
6% 10-yr. Boston Elev. Ry. bonds, due Mar. 1 
51% 10-yr. Boston Elev. Ry. bonds, due Aug. 1 
4% 30-yr. Boston Elev. Ry. bonds, due May 1 
5% 20-yr. W. E. St. Ry. Co. bonds, due May 1 
41% 30-yr. Boston Elev. Ry. bonds, due Oct. 1 
41% 30-yr. Boston Elev. Ry. bonds, due Nov. 1 
5% 30-yr. Boston Elev. Ry. bonds, due Dec. 1 
5% 30-yr. W. E. St. Ry. Co. bonds, due Mar. 1 
7% 30-yr. W. E. St. Ry. Co. bonds, due Sept. 1 

Total bonds 

Mortgage notes 

Total funded debt unmatured 

Total long-term debt .... 



1932 
1932 
1933 
1934 
1934 
1935 
1936 
1937 
1941 
1942 
1944 
1947 



$6,400,000 00 

13,866,100 00 

3,000,000 00 

23,879,400 00 



$47,145,500 00 

$2,232,477 02 
2,707,428 13 



$4,939,905 15 
$52,085,405 15 



$2,700,000 00 
1,956,000 00 
1,604,000 00 
5,709,000 00 

600,000 00 
3,000,000 00 
2,098,000 00 
1,581,000 00 
8,500,000 00 

815,000 00 
4,800,000 00 
5,000,000 00 
8,286,000 00 
2,600,000 00 

570,000 00 



$6,400,000 00 

13,957,700 00 

3,000,000 00 

23,879,400 00 



$47,237,100 00 

$2,232,477 02 
2,707,428 13 



$4,939,905 15 
$52,177,005 15 



$49,819,000 00 

125,000 00 



$49,944,000 00 
$49,944,000 00 



$1,500,000 00 
1,581,000 00 
2,700,000 00 
1,956,000 00 
1,604,000 00 
5,709,000 00 
600,000 00 
3,000,000 00 



8,500,000 00 
815,000 00 
4,800,000 00 
5,000,000 00 
8,286,000 00 
2,600,000 00 
570,000 00 



Dec. 31, 1922. 



$6,400,000 00 

14,029,850 00 

3,000,000 00 

23,879,400 00 



$47,309,250 00 

$2,232,477 02 
2,707,428 13 



$4,939,905 15 
$52,249,155 15 



$1,500,000 00 
1,581,000 00 
2,700,000 00 
1,956,000 00 
1,604,000 00 
5,709,000 00 
600,000 00 



$49,221,000 00 

125,000 00 



$49,346,000 00 
$49,346,000 00 



8,500,000 00 
815,000 00 
4,800,000 00 
5,000,000 00 
8,286,000 00 
2,600,000 00 
570,000 00 



$46,221,000 00 
125,000 00 



$46,346,000 00 
$46,346,000 00 



/ 



18 



General Balance Sheet — Concluded. 



Debits. 



Dec. 31, 1924. 



Dec. 31, 1923. 



Dec. 31, 1922. 



Current Assets. 

Cash 

Special deposits: 

Deposits for interest, dividends and rents unpaid 

Special deposit of Reserve Fund, chapter 159, Special 

Acts of 1918. 
Funds available for capital expenditures only 



Total special deposits 
Loans and notes receivable 
Miscellaneous accounts receivable . 
Material and supplies 
Interest, dividends and rents receivable 
Other current assets 

Total current assets . 



Deferred Assets. 
Insurance and other funds 



Total deferred assets 



Unadjusted Debits. 
Rents and insurance premiums paid in advance 



Discount on funded debt .... 
Other unadjusted debits: 

Cost of service deficit for twelve months ending June 
30, 1919, as provided for by Commonwealth of Massa- 
chusetts, chapter 159, Special Acts of 1918. 

Other unadjusted debits 



Total other unadjusted debits 
Total unadjusted debits . 



$2,237,296 37 



$796,101 50 



37,000 00 



$1,280,272 53 

$794,613 25 

243,031 99 

45,000 00 



$833,101 50 

9,000 00 

197,751 22 

2,973,479 61 

15,052 34 

39,337 66 



$1,082,645 24 

148,305 78 

3,200,985 74 

51,441 40 

35,882 90 



$6,305,021 70 

$2,923,449 80 



$5,799,533 59 

$2,975,761 20 



$2,923,449 80 

$198,067 92 
$522,990 51 

$2,348,397 40 
198,796 24 



$2,975,761 20 

$251,972 97 
$559,832 29 

$2,348,397 40 
179,423 60 



$825,666 20 

$804,907 37 
1,000,000 00 



$1,804,907 37 

1 00 

165,870 47 

2,418,280 09 

50,555 56 

38,139 00 



$5,303,419 69 

$3,009,892 17 



$3,009,892 17 

$62,701 94 
$260,251 68 

$3,462,955 22 
553,975 80 



$2,547,193 64 
$3,268,252 07 



$2,527,821 00 
$3,339,626 26 



$4,016,931 02 
$4,339,884 64 



Total debits 



$118,618,580 66 



$116,064,181 91 



$111,021,224 10 



19 



General Balance Sheet — Concluded. 



Credits. 


Dec. 31, 1924. 


Dec. 31, 1923. 


Dec. 31, 1922. 


Current Liabilities. 
Loans and notes payable 


$5,200,000 00 


$3,934,172 50 


$1,800,000 00 


Audited accounts and wages payable .... 


1,242,700 05 


1,363,820 74 


1,082,533 97 


Matured interest, dividends and rents unpaid 


797,307 00 


795,818 75 


805,112 87 


Matured funded debt unpaid 


- 


- 


1,000 00 


Accrued interest, dividends and rents payable: 








Accrued interest on funded debt 


$533,080 43 


$531,001 68 


$516,001 66 


Accrued interest on loans and notes payable 


- 


196 40 


343 03 


Accrued rents, leased roads, other companies 


6,659 24 


8,189 82 


8,188 90 


Accrued rents, subways and tunnels .... 


89,778 34 


88,313 34 


87,543 30 


Accrued rents, leased roads, Boston Elevated Railway 
Company, dividend rental. 


242,656 75 


244,259 75 


245,522 37 


Total accrued interest, dividends and rents payable 


$872,174 76 


$871,960 99 


$857,599 26 


Total current liabilities 


$8,112,181 81 


$6,965,772 98 


$4,546,246 10 


Deferred Liabilities. 
Other deferred liabilities 


$40,300 12 


$40,323 51 


$38,751 14 


Total deferred liabilities 


$40,300 12 


$40,323 51 


$38,751 14 


Unadjusted Credits. 
Tax liability 


$660,105 32 


$664,671 75 


$844,531 22 


Premium on funded debt 


$267,123 74 


$274,555 14 


$370,548 58 


Operating reserves: 








Injury and damage reserve 


$933,202 98 


$1,031,804 09 


$906,601 92 


Total operating reserves 


$933,202 98 


$1,031,804 09 


$906,601 92 


Accrued depreciation — road and equipment 


$4,431,798 89 


$3,101,465 82 


$2,058,493 73 


Other unadjusted credits: 








Outstanding tickets and checks 


$122,329 19 


$56,026 84 


$102,233 66 


Amount advanced by Commonwealth of Massachu- 
setts under chapter 159, Special Acts of 1918, account 
deficit in cost of service for 12 months ending June 
30, 1919. 

Other unadjusted credits 


2,348,397 40 
5,504 76 


2,348,397 40 
3,954 76 


3,462,955 22 
25,744 90 


Total other unadjusted credits 


$2,476,231 35 


$2,408,379 00 


$3,590,933 78 


Total unadjusted credits 


$8,768,462 28 


$7,480,875 80 


$7,771,109 23 


Corporate Surplus. 
Miscellaneous fund reserves 


$412,207 03 


$412,207 03 


_ 


Profit and Loss: 
Period to June 30, 1918 


76,109 21i 


98,869 06i 


$173,083 65i 


Period since July 1, 1918 


823,131 69i 


375,110 07i 


339,521 34 


Arising out of consolidation with West End Street Rail- 
way Company, June 10, 1922. 


155,265 17 


115,976 57 


96,475 21 1 


Total corporate surplus 


$331,768 70i 


$54,204 47 


$69,962 48 




$118,618,580 66 


$116,064,181 91 


$111,021,224 10 



i Debit. 



20 



Income Statement. 





Twelve 

Months ending 

Dec. 31, 1924. 


Twelve 

Months ending 

Dec. 31, 1923. 


Twelve 

Months ending 

Dec. 31, 1922. 


Operating Income. 








Passenger revenue 


$33,072,029 64 


$33,146,803 15 


$31,803,824 46 


Passenger motor bus revenue 


331,223 37 


135,238 40 


13,248 00 


Special car revenue 


15,919 21 


15,909 95 


16,950 31 


Mail revenue 


228 92 


326 70 


391 30 


Express revenue 


44,223 59 


50,058 33 


50,132 45 


Miscellaneous transportation revenue .... 


4,532 88 


2,475 27 


9,131 66 


Total revenue from transportation .... 


$33,468,157 61 


$33,350,811 80 


$31,893,678 18 


Station and car privileges 


$331,842 34 


$329,003 18 


$310,830 35 


Rent of tracks and facilities 


32,101 13 


29,275 99 


29,706 88 


Rent of equipment 


6,833 54 


5,236 45 


3,705 20 


Rent of buildings and other property .... 


101,277 77 


108,175 26 


112,829 09 


Power 


88,157 19 


110,133 90 


81,004 13 


Miscellaneous 


17,212 09 


16,376 06 


21,079 96 


Total revenue from other railway operations . 


$577,424 06 


$596,200 84 


$559,155 61 


Total railway operating revenues .... 


$34,045,581 67 


$33,947,012 64 


$32,452,833 79 


Railway operating expenses: 








Way and structures 


$3,823,124 08 


$4,030,197 21 


$3,335,892 96 


Equipment 


4,156,222 11 


3,507,212 63 


3,333,241 54 


Power 


2,819,283 28 


3,094,731 22 


3,261,918 91 


Conducting transportation 


11,825,235 02 


10,905,932 68 


10,040,831 82 


Traffic 


7,866 24 


3,363 73 


3,032 88 


General and miscellaneous 


2,611,292 42 


2,609,928 82 


2,145,070 71 


Transportation for investment ..... 


20,889 59i 


21,112 881 


31,530 07 » 


Total railway operating expenses .... 


$25,222,133 56 


$24,130,253 41 


$22,088,458 75 


Per cent of operating expenses to operating revenues 


74.08 


71.08 


68.06 


Per cent of operating expenses to operating and non- 
operating income. 


73.80 


70.77 


67.55 


Net revenue, railway operations 


$8,823,448 11 


$9,816,759 23 


$10,364,375 04 


Taxes assignable to railway operations .... 


$1,623,995 65 


$1,688,139 91 


$1,587,186 83 


Operating income 


$7,199,452 46 


$8,128,619 32 


$8,777,188 21 



1 Credit. 



21 



Income Statement — Concluded. 





Twelve 

Months ending 

Dec. 31, 1924. 


Twelve 

Months ending 

Dec. 31, 1923. 


Twelve 

Months ending 

Dec. 31, 1922. 


Non-Operating Income. 








Income from lease of road ...... 


$393 10 


$823 40 


$823 40 


Net income from miscellaneous physical property 


- 


1,935 14 


- 


Dividend income 


3 50 


9,183 50 


9,181 75 


Income from funded securities 


19,147 19 


16,400 71 


5,147 62 


Income from unfunded securities and accounts 


43,316 87 


58,505 33 


196,030 85 


Income from sinking fund and other reserves 


33,280 00 


33,280 00 


33,280 00 


Release of premiums on funded debt .... 


28,737 92 


27,568 30 


- 


Miscellaneous income 


4,912 48 


2,104 24 


1,878 96 


Total non-operating income 


$129,791 06 


$149,800 62 


$246,342 58 


Gross income 


$7,329,243 52 


$8,278,419 94 


$9,023,530 79 


Deductions from Gross Income. 








Rent for leased roads: 








West End Street Railway Company .... 


- 


- 


$1,184,360 67 


West End Street Railway Company, Tremont Street 

Subway. 
Other roads 


$48,551 55 


$52,512 04 


81,263 66 
49,119 85 


Boston Elevated Railway Company, dividend rental 


3,127,015 00 


3,133,065 63 


2,413,115 23 


Total rent for leased roads 


$3,175,566 55 


$3,185,577 67 


$3,727,859 41 


Miscellaneous rents 


$2,125,593 96 


$2,026,936 52 


$1,927,150 59 


Net loss on miscellaneous physical property . 


53 12 


- 


8,732 53 


Interest on funded debt 


2,430,788 75 


2,289,214 58 


1,831,394 45 


Interest on unfunded debt 


172,102 25 


26,811 96 


59,921 12 


Amortization of discount on funded debt 


43,365 86 


51,120 54 


31,468 08 


Miscellaneous debits 


18,469 43 


19,127 11 


24,815 53 


Total deductions from gross income 


$7,965,939 92 


$7,598,788 38 


$7,611,341 71 


Balance after cost of service 


$636,696 4Qi 


$679,631 56 


$1,412,189 08 



i Deficit. 



22 



Operating Expense Accounts. 



1924. 



1923. 



1922. 



Way and Structubes. 
Superintendence of way and structures . 
Maintenance of track and roadway (except snow and ice) 

Removal of snow and ice 

Roadway structures 

Signal and telephone and telegraph lines 
Other miscellaneous way expenses .... 
Maintenance of electric line equipment . 
Maintenance of buildings, fixtures and grounds 
Depreciation of way and structures 

Total way and structures 

Equipment. 
Superintendence of equipment .... 

Maintenance of cars 

Maintenance of electrical equipment of cars . 

Shop expenses 

Miscellaneous equipment, vehicles, horses, etc. 
Depreciation of equipment 

Total equipment 

Power. 

Superintendence of power 

Maintenance of power plants 

Depreciation of power plant buildings and equipment 
Operation of power plants 

Total power 

Conducting Transportation. 
Superintendence of transportation .... 
Passenger conductors, motormen and trainmen 
Freight conductors, motormen and trainmen 
Miscellaneous car service employees 
Miscellaneous car service expenses .... 

Station employees 

Station expenses 

Car house employees 

Car house expenses 

Operation of signal and telephone and telegraph lines 
Other transportation expenses .... 

Total conducting transportation 



$289,415 84 

1,716,104 40 

112,752 16 

89,911 94 

58,139 79 

25,809 44 

276,938 19 

380,452 32 

873,600 00 



$248,982 68 

1,839,136 58 

312,987 31 

100,635 52 

34,844 51 

24,374 50 

286,168 36 

421,547 75 

761,520 00 



$210,733 57 

1,615,411 69 

103,291 10 

99,612 69 

22,134 98 

20,846 29 

261,353 24 

381,269 40 

621,240 00 



$3,823,124 08 

$163,745 82 

1,829,866 87 

600,964 03 

346,672 62 

91,772 77 

1,123,200 00 



$4,030,197 21 

$145,647 13 
1,530,825 65 
616,753 25 
267,364 00 
104,942 60 
841,680 00 



$3,335,892 96 

$138,091 81 

1,537,888 99 

556,663 00 

260,432 60 

58,605 14 

781,560 00 



$4,156,222 11 

$101,027 03 
314,410 35 
499,200 00 

1,904,645 90 



$3,507,212 63 

$89,832 93 

340,120 13 

400,800 00 

2,263,978 16 



$3,333,241 54 

$82,017 24 

346,884 10 

601,200 00 

2,231,817 57 



$2,819,283 28 

$1,264,652 86 

7,531,498 41 

14,299 00 

301,694 02 

135,302 93 

793,733 53 

267,274 16 

1,008,684 85 

61,204 76 

262,406 23 

184,484 27 



$3,094,731 22 

$1,084,881 13 

7,043,938 40 

15,706 17 

282,737 65 

146,449 07 

753,913 14 

203,314 57 

855,488 88 

57,577 10 

239,350 87 

222,575 70 



$3,261,918 91 

$970,988 98 

6,442,707 49 

13,967 87 

278,650 32 

142,702 09 

720,977 04 

209,368 86 

803,570 03 

56,782 25 

210,814 74 

190,302 15 



$11,825,235 02 



$10,905,932 68 



$10,040,831 82 



23 



Operating Expense Accounts — Concluded. 



1924. 



1923. 



1922. 



Traffic. 



Traffic 



General and Miscellaneous. 
Salaries and expenses of general officers and clerks 
General office supplies and expenses 

Law expenses 

Relief department expenses, pensions and gratuities 
Miscellaneous general expenses 
Injuries and damages 
Insurance ..... 
Stationery and printing . 
Store, garage and stable expenses 
•Rent of tracks and facilities . 
Rent of equipment . 

Total general and miscellaneous 
Transportation for investment 

Total operating expenses . 



$7,866 24 

$445,845 74 
127,940 49 

53,264 15 
141,217 31 
101,073 86 
914,043 17 
282,532 03 

86,301 64 
398,591 02 

33,403 49 

27,079 52 



$3,363 73 

$416,448 77 
129,010 58 

53,393 15 
121,681 32 

77,449 10 
975,020 68 
316,413 99 

96,726 62 
360,951 94 

34,548 59 

28,284 08 



$3,032 88 

$400,528 25 

77,789 71 

44,712 34 

94,365 35 

70,121 41 

692,800 52 

290,157 08 

121,134 97 

309,172 83 

23,275 28 

21,012 97 



$2,611,292 42 
$20,889 591 
$25,222,133 56 



$2,609,928 82 
$21,112 88i 
$24,130,253 41 



$2,145,070 71 
$31,530 07i 
$22,088,458 75 



i Credit. 



24 



History of the 1919 Loan Assessment on Cities and Towns (Chapter 

159, Special Acts of 1918). 

Allocation of Assessment on Cities and Towns of Boston Elevated Deficit, Year 

ended June 80, 1919. 









Per 
Cent. 




Distribution 


Distribution 


Balance 
due. 


Cities and 


Towns. 


Passengers. 


Amount. 


of July, 1922, 


of July, 1923, 










Repayment. 


Repayment. 


Boston 


. 


2,100,423 


71.9330 


$2,863,042 50 


$372,034 92 


$790,029 10 


$1,700,978 48 


Cambridge 




283,475 


9.7081 


386,397 11 


50,209 95 


103,622 54 


229,564 62 


Somerville 


. 


122,583 


4.1981 


167,090 75 


21,712 43 


46,106 54 


99,271 78 


Brookline 




74,553 


2.5532 


101,621 23 


13,205 06 


28,040 99 


60,375 18 


Medford . 


. 


59,754 


2.0464 


81,449 82 


10,583 91 


22,475 56 


48,390 35 


Maiden . 




55,838 


1.9123 


76,112 44 


9,890 35 


21,002 65 


45,219 44 


Everett . 




54,823 


1.8775 


74,727 35 


9,710 36 


20,619 69 


44,397 30 


Watertown 




41,198 


1.4109 


56,155 96 


7,297 12 


15,496 14 


33,362 70 


Arlington 




32,477 


1.1122 


44,267 25 


5,752 26 


12,215 36 


26,299 63 


Chelsea . 




29,659 


1.0157 


40,426 40 


5,253 17 


11,154 86 


24,018 37 


Newton . 


. 


27,201 


.9316 


37,079 09 


4,818 20 


10,231 84 


22,029 05 


Belmont . 


• 


18,746 


.6420 


25,552 57 


3,320 40 


7,051 43 


15,180 74 


Quincy (Comr 


nonwealth 


15,569 


.5332 


21,222 17 


2,757 69 


18,464 48 


- 


of Massachus 


etts). 














Stoneham 


Common- 


3,674 


.1258 


5,007 03 


650 63 


4,356 40 


- 


wealth of 
setts). 
Commonwealt' 


Massachu- 














i of Massa- 


_ 


_ 


_ 


_ 


690 24 


*690 24 


chusetts. 1 
















Totals 


2,919,973 


100.00 


$3,980,151 67 


$517,196 45 


$1,114,557 82 


$2,348,397 40 



Based on traffic counts made July 24, 25, 26, 27, 1919, in accordance with the provisions of section 14, 
chapter 159, Special Acts of 1918. 



1 From the July, 1923, repayment the Commonwealth of Massachusetts deducted $690.24 to reim- 

burse themselves for the difference between 126 days' interest at 4.28 per cent on $4,000,000 
(note issued July 17, 1919, due November 20, 1919) and $3,980,151.67, the amount paid to the 

Boston Elevated Railway Company $297 33 

And interest from July 17, 1919, to July 19, 1923, on amount the State deducted to pay assess- 
ment of Quincy and Stoneham 392 91 

Amount of expense to State to be assessed to towns and cities pro rata to their original 

contribution $690 24 

2 Credit. 



25 



BOSTON ELEVATED RAILWAY COMPANY, 
TRUSTEE. 

Statement of Special Trust Fund, December 31, 1924. 

Principal of trust fund as established $1,500,000 00 

Accretions and accumulations to December 31, 1924 . . . 620,899 80 



Total special trust fund $2,120,899 80 

Income from June 10, 1922, to December 31, 1924 $217,888 48 
Less amount paid on account of retirement of 
second preferred stock, as follows: 
7183^ shares purchased July, 1923 . $72,193 40 
919 shares purchased July, 1924 . 90,319 68 

162,513 08 

$55,375 40 

Investments $2,108,291 84 

Cash on deposit $67,983 36 



-»•:•■■:■;.;. 



Annual Report 



OF THE 



PUBLIC TRUSTEES OF THE BOSTON 
ELEVATED RAILWAY 



FOR THE 



Year ending December 31, 1925 



Annual Report 



OF THE 



PUBLIC TRUSTEES OF THE BOSTON 
ELEVATED RAILWAY 



FOR THE 



Year ending December 31, 1925 



BOARD OF TRUSTEES 

(Appointed by the Governor of Massachusetts, pursuant to 
Chapter 159 of the Special Acts of 1918.) 

SAMUEL L. POWERS, Chairman 
W1NTHROP COFFIN STANLEY R. MILLER 

ANDREW MARSHALL J. FRANK O'HARE 



OFFICERS 

(Appointed by the Trustees.) 

EDWARD DANA General Manager 

HENRY L. WILSON Treasurer. 

JOHN H. MORAN General Auditor. 

H. WARE BARNUM General Counsel. 

RUSSELL A. SEARS General Claims Attorney. 



REPORT OF THE BOARD OF PUBLIC TRUSTEES OF THE 
BOSTON ELEVATED RAILWAY 



The Public Trustees of the Boston Elevated Railway respectfully submit 
their seventh annual report. 

Results of Operation 

The calendar year 1925 has shown a balance of receipts above cost of 
service of $502,193.85. Close supervision of expenditures has been necessary 
to reach this result. Basic wage rates oi 72 T / 2 cents per hour for surface motor- 
men and coductors, established by the 1924 arbitration award, were continued 
unchanged by the arbitration board of 1925, which, however, increased the 
differential for one-man car and bus operators from 8 cents to 10 cents per 
hour above the basic rate. 

In order to meet the situation created by the 1924 award the car repair 
shops were operated throughout the greater part of the year on a 5-day week, 
track reconstruction was reduced somewhat below the average amount neces- 
sary, car mileage operated was reduced 500,000, one-man car operation was 
considerably increased, and many lesser economies put in effect. 

Reduction in cost of power and cost of accidents together with an increase 
of $386,716.13 in operating revenues, materially assisted in reaching the fa- 
vorable result shown. 

The seventh full year of public operation closed on June 30, 1925, with a 
balance of receipts over cost of service of $20,581.33, which amount was repaid 
to the cities and towns served by the railway. 

A gratifying increase in riding and revenue during the latter part of 1925 
and early 1926 has permitted the resumption of full time work in the shops 
and a substantial increase in the number of car trips and car miles operated. 



Receipts and Expenditures 
The following comparative tables present a summary of receipts and 
expenditures for the past five calendar years and the allocation of cost of 
service per revenue passenger for the year ending December 31, 1925 : 

Comparative Division of Receipts and Expenditures for Year Ending Dec. 31. 





1925 


1924 


1923 


1922 


1921 


Total receipts .... 


$34,547,379.61 


$34,175,319.61 


$34,096,813.26 


$32,699,176.37 


$33,277,025.53 


Operating expenses: 












Wages 


$16,931,549.57 


$17,358,670.49 


$16,224,275.94 


$14,772,340.42 


$15,563,255.53 


Material and other items 


3,175,981.86 


3,203,378.92 


3,236,805.32 


2,903,650.98 


3,093,934.69 


Injuries and damages . 


666,488.49 


740,025.39 


822,775.24 


555,355.59 


518,249.02 


Depreciation .... 


2,496,000.00 


2,496,000.00 


2,004,000.00 


2,004,000.00 


2,004,000.00 


Fuel 


1,135,715.65 


1,424,058.76 


1,842,396.91 


1,853,111.76 


1,663,617.75 


Total operating expenses 


$24,405,735.57 


$25,222,133.56 


$24,130,253.41 


$22,088,458.75 


$22,843,056.99 


Taxes 


1,652,517.57 


1,623,995.65 


1,688,139.91 


1,587,186.83 


1,546,758.15 


Rent of leased roads (in- 
cluding dividend rental 
under chapter 159, Acts of 
1018) 


3,169,448.86 


3,175,566.55 


3,185,577.67 


3,646,595.75 


4,203,061.72 


Subway and tunnel rents 


2,217,470.08! 2,125,593.96 


2,026,936.52 


2,008,414.25 


1,963,737.78 


Interest on bonds and notes 


2,540,909.21 


2,602,891.00 


2,316,026.54 


1,891,315.57 


1,494,258.43 


Miscellaneous items 


59,104.47 


61,835.29 


70,247.65 


65,016.14 


54,707.59 


Total cost of service . 


$34,045,185.76 


$34,812,016.01 


$33,417,181.70 


$31,286,987.29 


$32,105,580.66 


Loss for year .... 




$636,696.40 








Gain for year .... 


$502,193.85 


$679,631.56 


$1,412,189.08 


$1,171,444.87 



Profit and Loss Items not included in above. 






Boston Elevated Railway 

Allocation of Cost of Service 
per Passenger 

12 Months Ending December 31, 1925. 
Average Receipts per Revenue Passenger 9.464^ 

Cost of Service 9 # oZ# ^ pe** Revenue Passenger 



DIVIDED AS FOLLOWS 



A 



u5 m 

<*1 i/> ;*> 



tf 



r* 



<r ^ cp 






Aft 



fcv\ 



a* 

en 



** 



/v> 



0* 



*£ 



* 



vP 



4$1 



«««**$> 



% 



HAs 



COAL .311* — i?7 

***** 



^ • 






^>^/ 
'-&,' 






^> 






/ 



X 

2 



LABOR 
4.638* 



8 



Traffic Statistics, Year Ending December 31. 





1925 


1924 


1923 


1922 


Round trips operated 




7,185,587 


6,994,749 


6,488,082 


6,059.531 


Passenger revenue . 


. 


$33,790,441.73 


$33,419,172.22 


$33,297,951.50 


$31,834,022.77 


Passenger revenue per car mil 


e (cents) 


60.93 


59.69 


61.61 


62.94 


Passenger revenue per car hour 


. 


$5.86 


$5.67 


$5.71* 


$7.09 


Passenger revenue mileage . 


. 


55,461,094f 


55,988,679f 


54,049,665f 


50,575,088f 


Passenger revenue car hours 


. 


5,767,957 


5,894,115 


5,826,993* 


4,487,400 


Revenue passengers carried 


. 


365,036,286 


382,888,848 


382,149,697 


356,593,942 


Revenue passengers carried per 


car mile 


6.582 


6.838 


7.070 


7.051 


Revenue passengers carried per 


car hour 


63.28 


64.96 


65.58* 


79.47 



*Car hours, American Electric Railway Association 

flncluding motor bus mileage 

1922 
1923 
1924 
1925 



Standard, adopted February 1, 1923. 

63,937 

465,382 

890,901 

2,472,456 



Comparative Passenger Statistics— Revenue Passengers Carried. 



Year 


Week Day 
Average 


Saturday 
Average 


Sunday 
Average 


Holiday 

Average 


Total for 
Year 


1925 

1924 

1923 

1922 

1921 

1920 ...... 

1919 

1918 

1917 

1916 

1915 


1,066,317 

1,109,861 

1,109,274 

1,030,303 

975,745 

960,737 

934,918 

985,384 

1,073,943 

1,050,038 

992,283 


1,172,871 
1,216,132 
. 1,196,301 
1,144,320 
1,068,295 
1,072,319 
1,078,635 
1,147,809 
1,249,588 
1,218,749 
1,140,046 


577,200 
630,755 
652,404 
617,148 
578,860 
591,063 
596,182 
658,902 
728,847 
718,804 
685,726 


660,007 
727,191 
758,915 
691,890 
696,691 
703,634 
706,429 
775,634 
857,902 
832,962 
846,860 


365,036,286* 

382,888,84S* 

382,149,697* 

356,593,942* 

337,252,080 

335,526,561 

324,758,685 

348,664,700 

381,017,338 

373,577,908 

352,469,586 



*NOTE — During the years 1922, 1923 and 1924, one passenger making a single journey for which 
he might pay two five-cent fares was counted as two revenue passengers. The substitution in November, 
1924, of six-cent tickets for five-cent cash fares has often resulted in the payment of a ten-cent fare by 
such a passenger with a consequent reduction in the company's figures of total revenue passengers car- 
ried, though the gross passenger revenue for the year 1925, which increased $371,269.51, would indicate 
substantially the same number of passengers carried by the railway in 1925 and 1924. 



9 



Buses 

This railway has been a pioneer in co-ordinating the motor bus with street 
railway service. 

It was early decided that no attempt should be made to retard the develop- 
ment of this form of transportation but that the public would best be served 
by seeking to discover where such service would be desirable and then supply- 
ing the same in conjunction with rapid transit and surface electric lines. In 
large metropolitan centers better and more economical transportation can in 
general be supplied by electric cars, but upon lines where traffic is not sufficient 
to warrant the heavy investment in track and electric system or where streets 
are so narrow or congested by vehicular traffic that the electric car is continu- 
>usly blocked and delayed in its passage, the motor bus fills an important place. 

If competing bus lines were established within the area served by the rail- 
ray system operated by this board in behalf of the Commonwealth the revenue 
of passengers so diverted would constitute a direct loss to the Commonwealth 
to which all receipts after payment of expenses accrue. In addition to that 
loss the service furnished to the public as a whole would be impaired. Conse- 
quently, this board has consistently taken the position that no competing bus 
line should be permitted within the territory served by this system and has 
adopted the policy of standing ready to furnish bus service within that general 
territory wherever it appeared in the public interest that bus service should 
be given. By this method better transportation is supplied since with street 
cars and buses under one management the service given by each can be co- 
ordinated and used to improve instead of to injure the service given by the 
other. Free transfer from car to bus and vice versa is possible under such a 
unified system. 

This board has not opposed the establishment of through bus lines from 
distant points which would not compete with local transportation in the terri- 
tory served by this system. With the increasing traffic congestion in the center 
of Boston the -time may come when in the public interest such lines will end 
at rapid transit terminals instead of in the center of Boston. The various city 
councils and local authorities vested with the power to license auto buses have 
appreciated the soundness of these principles and in general have adopted and 
acted upon them. 

The increase in bus transportation is shown by the following table of 
miles operated: 

1922 63,937 

1923 465,382 

1924 ........ 890,901 

1925 2,472,456 



10 

At the present time there are twenty-five routes in operation employing 157 
machines. In connection with this business the chartering of special buses in 
place of special cars and supplementary to special car service is being de- 
veloped. Last year the revenue from this special bus service amounted to 
$15,130.07. 

Operating Changes and Betterments 

During the year new garages accommodating 56 buses each have been 
constructed at the Arborway near Forest Hills, and Salem Street, Medford, 
and the first unit of the Lotus Place car repair house has been practically 
completed. 

New lobby buildings in which are contained waiting and locker rooms for 
motormen and conductors, as well as rooms for making out their returns and 
reports, have been constructed at Arborway, Reservoir, Lake Street and Allston. 

A prepayment station has been constructed at Egleston Square and an 
area provided at Kendall Square for interchange between Cambridge Subway 
trains and buses operating from this point. 

The stairway between Park Street Under and Park Street northbound 
platform was widened by the Transit Department and the pits in which the 
trains run in six of the subway and tunnel stations have been concreted so as 
to permit ready cleaning and washing. 

A new entrance has been provided at Sullivan Square giving greater con- 
venience to passengers entering the station. 

During the year actual construction of the Dorchester Tunnel Ex- 
tension was begun by the Transit Department of the City of Boston. The 
first section of the work has been completed and substantial progress made 
upon the second section. 

13.383 miles of track and special work have been rebuilt and 2.31 miles 
extensively repaired. 

All-night service of cars in the Boylston Street Subway has been inaugu- 
rated and a system of stopping cars at particular berths established in subway 
stations. 

Stopping places on certain lines have been relocated, thereby reducing the 
number of stops and speeding up the service, with resultant economies. 

In an attempt to encourage parking of automobiles outside of the con- 
gested centers and inducing such riders to make their journey into the city by 
rapid transit, an experiment was made of leasing land located near the Everett 
Terminal for this purpose. 

Direct connection of a large garage adjacent thereto with the Kendall 
Square station of the Cambridge Subway awaits action by the Legislature 
authorizing the Department of Public Utilities to act for the Commonwealth 
in giving necessary permission. 



11 



Passenger Cars and Buses Owned 
Surface Cars 



Semi-convertible cars 

Semi-convertible cars — one or two-man type 

Center entrance cars 

Trailer cars 

One-man cars (Bimey type) .... 
Articulated cars (40' and 50' type) . 

Box cars 

Open cars 



Total surface passenger cars 



1925 



440 
419* 
396 
220 
36 

138 



1,649 



1924 



443 
344 
396 
220 
36 
30 
183 



1,652 



1918 



453 

100 

174 

1 

177 

1,113 

1,354 



3,372 



Rapid Transit Lines 








98 

227 

95 

48 


98 

227 

95 

48 


169 

162 

60 

• • • • 


Total rapid transit passenger cars .... 
Total surface and rapid transit cars .... 


468 
2,117 


468 
2,120 


391 
3,763 



Passenger Motor Buses 



25 Passenger buses 
29 Passenger buses 

Total buses 



66 
3 



69f 



33 
2 



35$ 



Total passenger cars and buses owned 



2,186 



2,155 



3,763 



*42 additional cars of this type are on order. 

tin addition, the Boston Elevated Railway were, on December 31, 1925, operating 80 leased buses. 

Jin addition, the Boston Elevated Railway were, on December 31, 1924, operating 30 leased buses. 



12 

Cars 

Ninety new No. 5 type cars of an order of 100 placed in July, 1925, have 
been received and placed in service. 

It is interesting to note that of the 82,450 cars in the United States 34% 
are over twenty years of age, while on the Boston Elevated only 12.7% of the 
passenger cars now in service are over twenty years old. 

Sixty cars of the Cambridge Subway type have been ordered to provide 
for operating the Dorchester Rapid Transit extension when completed. 



Accident Record 

An improvement has been made during this year in the accident record. 
Operating charges on this account were reduced from $914,043.17 in 1924 to 
$846,235.82. 



Accidents Per Million Car Miles 





1925 


1924 


One-man Cars 


204 


205 


Two-man Cars 


245 


249 



Power 

The power plant equipment recently installed as well as minor improve- 
ments made during the year have resulted in a record of efficient operation 
during the last twelve months. 

The average pounds of coal consumed per kw. hr. D. C. at the cars was 
1,973 in 1925 as compared with 2,068 last year. This is the lowest of any 
year in the history of the railway. The average cost of coal per ton during 
1925 was $5.22, as compared with $5,921 last year, and is also the lowest since 
1917. There was a reduction of 23,078 tons of coal burned as compared with 
1924. 

A number of important minor improvements have been made during the 
year such as the provision of a 100,000 gallon storage water tank at South 
Boston as emergency reservoir, new boiler feed pumps, air compressor equip- 
ment, additional rotary at Kendall Sq. and installation of automatic equipment 
at Oak Sq. sub-station. 



13 





1925 


1924 


1923 


1922 


•i 

1921 


1920 


1919 


Tons of coal burned 


217,414 


240,493 


260,032 


273,441 


215,870 


258,087 


287,670 


Pounds of coal per 
















kilowatt hour 


1.973 


2.068 


2.264 


2.553 


2.174 


2.353 


2.835 


Average price of 
















coal per ton 


$5.22 


$5,921 


$7,085 


$6,777 


$7.71 


$10.07 


$5.91 


Net cost of power for 
















car service per kilo- 
















watt hour (cents) 


1.021 


1.093 


1.227 


1.414 


1.172 


1.921 


1.307 


Net cost of power 
















per total revenue 
















car mile (cents) 


4.428 


4.833 


5.468 


6.153 


4.815 


8.538 


5.439 


Direct current annual 
















output (kilowatts) 


246,835,300 


260,401,225 


257,270,357 


239,905,874 


222,461,060 


245,676,503 


239,892,118 


Direct current maxi- 
















mum hour output 
















(kilowatts) 


85,660 


86,245 


82,965 


78,755 


75,905 


72,295 


71,760 



The Immediate Future 

For several years this Board in its annual reports and before committees 
of the General Court has called attention to existing limitations upon the 
raising of new capital for desirable improvements of the Railway. That 
matter has been recently considered by a special recess commission whose 
report is now before your two branches. Nothing new or additional can be 
written at this time. Pending some action on that report by you this Board 
feels it must be necessarily restricted to operating the Railway at the highest 
efficiency possible with existing facilities and property purchased from time 
to time from the allowance to offset the annual exhaustion of depreciable 
property. 

SAMUEL L. POWERS, 
WINTHROP COFFIN, 
ANDREW MARSHALL, 
STANLEY R. MILLER, 
J. FRANK O'HARE. 



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15 



1 Federal Street, Boston 9, January 30, 1926. 

Mr. Samuel L. Powers, Chairman) 
Mr. Winthrop Coffin, 
Mr. Andrew Marshall, 
Mr. Stanley R. Miller, 
Mr. J. Frank O'Hare, 

Trustees 
Boston Elevated Railway, 
Boston, Massachusetts. 

Sirs: 

We have examined the accounts of the Boston Elevated Railway for the 
year ending December 31, 1925, and we report upon the railway's financial 
statements for the year, presented herewith, as follows : 

Road and equipment are shown at book values. In our opinion, adequate 
provision for depreciation has been made for the year under review, in pursu- 
ance of the plan for depreciation reserves followed by the Public Trustees from 
July 1, 1918. 

The securities owned by the railway were produced for our inspection and 
are carried at cost values, which, in the aggregate, are less than the total market 
values. We have verified the current assets as shown by the books, and have 
satisfied ourselves that the liabilities are correctly stated. 

WE HEREBY CERTIFY that, subject to the foregoing comments, the ac- 
companying balance sheet is in accordance with the books and correctly states 
the financial condition of the Boston Elevated Railway at December 31, 1925, 
and that the operating results for the year 1925 are fairly presented in the ac- 
companying income statement. 

Respectfully submitted, 

PATTERSON, TEELE & DENNIS, 

Accountants and Auditors. 



16 



General Balance Sheet 



Debits 



Investments 
Road and equipment: 
Way and structures . 

Equipment 

Power ...... 

Gerieral and Miscellaneous . 



Total road and equipment 
Miscellaneous physical property 
Other investments: 

Stocks 

Notes 



Advances, Road and Equipment: 

Eastern Massachusetts Street Railway Company 



Total other investments 
Total investments 



Dec. 31,1925 



$61,591,019.11 

25,485,197.59 

17,665,559.02 

1,902,597.66 



Dec. 31, 1924 



$61,477,855.69 

24,966,763.74 

17,452,644.77 

1,893,554.61 



Dec. 31, 1923 



$60,895,143.85 

23,915,042.10 

16,545,809.30 

1,881,601.30 



(5106,644,373.38 $105,790,818.81 



$58,889.12 

$2,552.50 
229,700.00 

119,283.19 



$58,889.12 

$2,552.50 
155,250.00 

114,346.66 



$103,237,596.55 
$112,348.82 

$2,552.50 
453,200.00 

143,562.99 



$351,535.69 | $272,149.16 
tfl 07,054,798.19 $106,121,857.09 



$599,315.19 
$103,949,260.86 



17 



General Balance Sheet 



Credits 



Stock 



Capital stock: 

First preferred stock 
Second preferred stock 
Preferred stock . 
Common stock . 



Total capital stock 
Premium on capital stock: 
Second preferred stock 
Common stock . 



Total premium on capital stock 

Total stock 

Long-Term Debt 
Funded debt unmatured: 
Miscellaneous obligations: 

6% 5-yr. Boston Elev. Ry. bonds, due Mar. 
7% 6-yr. W. E. St. Ry. Co. bonds, due Aug. 
QWo 5-yr. W. E. St. Ry. Co. bonds, due Feb. 
6% 5-yr. W. E. St. Ry. Co. bonds, due May 
44% 20-yr. W. E. St. Ry. Co. bonds, due July 
4% 30-yr. W. E. St. Ry. Co. bonds, due Aug. 
5% 20-yr. W. E. St. Ry. Co. bonds, due Nov. 
6% 10-yr. Boston Elev. Ry. bonds, due June 
6% 10-yr. Boston Elev. Ry. bonds, due Mar. 
TA% 10-yr. Boston Elev. Ry. bonds, due Aug. 
4% 30-yr. Boston Elev. Ry. bonds, due May, 
5% 20-yr. W. E. St. Ry. Co. bonds, due May 
4$% 30-yr. Boston Elev. Ry. bonds, due Oct. 
44% 30-yr. Boston Elev. Ry. bonds, due Nov. 
5% 30-yd. Boston Elev. Ry. bonds, due Dec. 
5% 30-yr. W. E. St. Ry. Co. bonds, due Mar. 
7% 30-yr. W. E. St. Ry. Co. bonds, due Sept. 



1, 1924 
1, 1924 
1, 1927 
1, 1927 
1, 1930 
1, 1932 
1, 1932 
1, 1933 
1, 1934 
1, 1934 
1, 1935 
1, 1936 
1, 1937 
1, 1941 
1, 1942 
1, 1944 
1, 1947 



Total bonds 
Mortgage notes 



Total funded debt unmatured 
Total long-term debt 



Dec. 31, 1925 



$6,400,000.00 

13,754,500.00 

3,000,000.00 

23,879,400.00 



$47,033,900.00 



$2,232,477.02 
2,707,428.13 



Dec. 31, 1924 



$4,939,905.15 
$51,973,805.15 



$2,700,000.00 

1,956,000.00 

1,604,000.00 

5,709,000.00 

600,000.00 

3,000,000.00 

2,098,000.00 

1,581,00X00 

8,500,000.00 

815,000,00 

4,800,01)0.00 

5,000,000.00 

S,286,000.00 

2.000,000.00 

570,000.00 



$49,819,000.00 

125,000.00 



$49,944,000.00 
$49,944,000.00 



$6,400,000.00 

13,866,100.00 

3,000,000.00 

23,879,400.00 



Dec. 31, 1923 



$47,145,500.00 

$2,232,477.02 
2,707,428.13 



$4,939,905.15 
$52,085,405.15 



$2,700,000.00 
1,936,000.00 
1,604,000.00 
5,709,000.00 

600,000.00 
3,000,000.00 
2,098,000.00 
1,581,000.00 
8,500,000.00 

815,000.00 
4,800,000.00 
5,000,000.00 
8,286,000.00 
2,600,000.00 

570,000.00 



$6,400,000.00 

13,957,700.00 

3,000,000.00 

23,879,400.0) 



$47,237,100.00 

$2,232,477.02 
2,707,428.13 



$4,939,905.15 
$52,177,005.15 



$49,819,000.00 

125,000.00 



$1,500,000.00 
1,581,000.00 
2,700,000.00 
1,956,000.00 
1,604,000.00 
5,709,000.00 
600,000.00 
3,000,000.00 



8,500,000.00 
815,000.00 
4,800,000.00 
5,000,000.00 
8,286,000.00 
2,600,000.00 
570,000.00 



$49,944,000.00 
$49,944,000.00 



$49,221,000.00 

125,000.00 



$49,346,000.00 
$49,346,000.00 



18 



General Balance Sheet— Concluded 



Debits 



Current Assets 

Cash 

Special deposits: 
Interest, dividends and rents unpaid . 
Reserve fund, chapter 159, Special Acts 1918 
Funds available for capital expenditures only 



Total special deposits 
Loans and notes receivable . 
Miscellaneous accounts receivable . 
Material and supplies .... 
Interest, dividends and rents receivable 
Other current assets .... 



Total current assets 

Deferred Assets 
Insurance and other funds 

Total deferred assets 

Unadjusted Debits 
Rents and insurance premiums paid in advance . 

Discount on funded debt 

Other unadjusted debits: 

Cost of service deficit for twelve months ending June 
30, 1919. as provided for by Commonwealth of 
Massachusetts, chapter 159, special acts of 1918 . 
Other unadjusted debits 



Total other unadjusted debits 
Total unadjusted debits . 



Total debits 



Dec. 31, 1925 



$750,385.29 



$792,860.50 

369,133.12 

37,000.00 



$1,198,993.62 

200,313.99 
2,272,808.12 
17,147.70 
39,232.11 



$4,478,880.83 



2,936,045.86 



$2,936,045.86 

$181,558.40 
482,395.35 



2,327,816.07 
73,330.68 



$2,401,146.75 
$3,065,100.50 



J511 7,534,825.38 



Dec. 31, 1924 



$2,237,296.37 

$796,101.50 

37,000.00 



$833,101.50 

9,000.00 

197,754.22 

2,973,479.61 

15,052.34 

39.337.6C 



$6,305,021.70 



2,923,449.80 



$2,923,449.80 

$198,067.92 
522,990.51 



2,348,397.40 
198,796.24 



$2,547,193.64 
$3,268,252.07 



$118,618,580.66 



Dec. 31, 1923 



$1,280,272.53 

$794,613.25 

243,031.99 

45,000.00 



$1,082,645.24 

148,305.78 

3,200,985.74 

51,441.40 

35,882.90 



$5,709,533.59 



2,975,761.20 



$2,975,761.20 

$251,972.97 
559,832.29 



2,348,397.40 
179,423.60 



$2,527,821.00 
$3,339,626.26 



$116,064,181.91 



19 



General Balance Sheet— Concluded 



Credits 



Current Liabilities 
Loans and notes payable . 



Audited accounts and wages payable 

Matured interest, dividends and rents unpaid . 
Accrued interest, dividends and rents payable: 

Accrued interest on funded debt 

Accrued interest on loans and notes payable . 

Accrued rents, leased roads, other companies . 

Accrued rents, subways and tunnels . 

Accrued rents, leased roads, B. E. Ry. Co., dividend 
rental 

Total accrued interest, dividends and rents 

payable . 

Total current liabilities 

Deferred Liabilities 
Other deferred liabilities 



Total deferred liabilities 

Unadjusted Credits 



Dec. 31, 1925 



Tax liability 

Premium on funded debt . 

Operating reserves: 

Injury and damage reserve 



Total operating reserves 

Accrued depreciation — road and equipment . 

Other unadjusted credits: 

Outstanding tickets and checks 

Amount advanced by Commonwealth of Massachusetts 
under chapter 159, Special Acts of 1918, account 
deficit of cost of service for 12 months ending 
June 30, 1919 .... 



Other unadjusted credits 



Total other unadjusted credits 

Total unadjusted credits 

Corporate Surplus 
[iscellaneous fund reserves . 

Profit and loss — Period to June 30, 1918 

Profit and Loss — Period since July 1, 1918 

Profit and loss, arising out of consolidati 
End St. Ry. Co., June 10, 1922 . 



Total corporate surplus 
Total credits 



with 



West 



$2,800,000.00 
846,324.89 
794,066.00 

$533,080.43 

6,618.34 
91,941.66 

240,703.75 



$872,344.18 
$5,312,735.07 

38,680.22 



$38,680.22 

$633,630.64 
$238,709.90 

784,353.97 



$784,353.97 
$6,122,962.98 

$148,249.90 



2,327,816.07 



$2,476,065.97 
$10,255,723.46 

$412,207.03 

*76,109.21 

♦362,200.05 

35,983.71 



$9,881.48 
$11 7,534,825.38 



Dec. 31, 1924 



$5,200,000.00 

1,242,700.05 

797,307.00 

$533,080.43 

6,659.24 
89,778.34 

242,656.75 



$872,174.76 
8,112,181.81 

40,300.12 



$40,300.12 

$660,105.32 
$267,123.74 

933,202.98 



$933,202.98 
$4,431,798.89 

$122,329.19 

2,348,397.40 
5,504.76 



$2,476,231.35 
$8,768,462.28 

$412,207.03 
♦76,109.21 

*823,131.69 
155,265.17 



♦$331,768.70 
$118,618,580.66 



Dec. 31, 1923 



$3,934,172.50 

1,363320.74 

795,818. /5 

$531,001.68 

196.40 

8,189.82 

88,313.34 

244,259.75 



$871,960.99 
$6,965,772.98 

40,323.51 



$40,323.51 

$664,671.75 
$274,555.14 

1,031,804.09 



$1,031,804.09 
$3,401,465.82 

$56,026.84 

2,348,397.40 
3,954.76 



$2,408,879.00 
$7,480,875.80 

$412,207.03 
♦98,869.06 

♦375,110.07 
115,976.57 



$54,204.47 
$116,064,181.91 



♦Debit. 



20 



Income Statement 



rations 



Operating Income 
Passenger revenue 
Passenger motor bus revenue 
Special car revenue . 
Mail revenue .... 
Express revenue . 
Miscellaneous transportation revenue . 

Total revenue from transportation 
Station and car privileges .... 
Rent of tracks and facilities . 

Rent of equipment 

Rent of buildings and other property . 

Power . 

Miscellaneous 

Total revenue from other railway opei 
Total railway operating revenues 
Railway operating expenses: 

Way and structures 

Equipment .... 

Power 

Conducting transportation 

Traffic 

General and miscellaneous 

Transportation for investment 

Total railway operating expenses 
Per cent, of operating expenses to operating revenues 
Per cent, of operating expenses to operatir 

operating income 

Net revenue, railway operations 
Taxes assignable to railway operations . 
Operating income 



ng and non 



Twelve Twelve 

Months ending Months ending 
Dec. 31, 1925 Dec. 31, 1924 



$32,906,220.11 

853,706.68 

30,514.94 

176.73 

38,205.06 

4.363.20 



$33,833,186.81 
$338,345.05 
55.868.81 
3,823.57 
94,518.75 
78,092.47 
28.462.34 



$599,110.99 
$34,432,297.80 

$3,766,615.55 

3,900,956.41 

2,536,1?9.09 

11,567,233.19 

3,239.51 

2,656,275.42 

24,713.60* 



$24,405,735.57 

70.88 

70.64 



$10,026,562.23 
$1,652,517.57 
$8,374,044.66 



$33,072,029.64 

331,223.37 

15,919.21 

228.92 

44,223.59 

4,532.88 



$33,468,157.61 

$331,842.34 

32,101.13 

6,833.54 

101,277.77 

88,157.19 

17,212.09 



$577,424.06 
$34,045,581.67 

$3,823,124.08 

4,156,222.11 

2,819,283.28 

11,825,235.02 

7,866.24 

2,611,292.42 

20,889.59* 



Twelve 
Months ending 
Dec. 31, 1923 



$33,146,803.15 

135,238.40 

15,909.95 

326.70 

50,058.33 

2,475.27 



$38,350,811.80 

$329,003.18 

29,275.90 

5,236.45 

106,175.26 

110,133.90 

16,376.06 



$596,200.84 
$33,947,012.64 

$4,030,197.21 

3,507,212.63 

3,094,731.22 

10,905,932.68 

3,363.73 

2,609,928.82 

21,112.88* 



$25,222,133.56 

74.08 

73.80 



$8,823,448.11 
$1,623,995.65 
$7,199,452.46 



$24,130,253.41 

71.08 

70.77 



$9,816,759.23 
$1,688,139.91 
$8,128,619.32 



'Credit 



21 



Income Statement— Concluded 



Non-Operating Income 

Income from lease of road 

Net income from miscellaneous physical property 

Dividend income 

Income from funded securities . 
Income from unfunded securities and accounts 
Income from sinking fund and other reserves . 
Balance of premiums on funded debt 
Miscellaneous income 

Total non-operating income . 

Gross income 

Deductions from Gross Income 
Kent for leased roads: 

Boston Elevated Railway Co., dividend rental 
Other roads 

Total rent for leased roads •. 

Miscellaneous rents 

Net loss on miscellaneous physical property . 

Interest on funded debt 

Interest on unfunded debt 

Amortization of discount on funded debt 
Miscellaneous debits 

Total deductions from gross income . 
Balance after cost of service . 



Twelve 
Months ending 
Dec. 31, 1925 



$50.00 

486.71 

3.50 

11,286.54 

39,583.34 

33,280.00 

28,413.84 

1,977.88 



Twelve 
Months ending 
Dec. 31, 1924 



$115,081.81 
$8,489,126.47 



$3,119,532.00 
49,916.86 



93,169,448.86 

2,217,470.08 

2,422,935.00 

117,974.21 

40,595.16 

18,509.31 



$7,986,932.62 
$502,193.85 



$393.10 

3.50 
19,147.19 
43,316.87 
33,280.00 
28,737.92 
4,912.48 



$129,791.06 
$7,329,243.52 



$3,127,015.00 
48,551.55 



$3,175,566.55 

2,125,593.96 

53.12 

2,430,788.75 

172,102.25 

43,365.86 

18,469.43 



$7,965,939.92 
$636,696.40f 



Twelve 
Months ending 
Dec. 31, 1923 



$823.40 

1,935.14 

9,183.50 

16,400.71 

58,505.33 

33,280.00 

27,568.30 

2,104.24 



$149,800.62 
$8,278,419.91 



$3,133,065.63 
52,512.04 



$3,185,577.67 
2,026,936.52 

2,289,214.58 
26,811.96 
51,120.54 
19,127.11 



$7,598,788.38 
$679,631.56 



tDebit. 



22 



Operating Expense Accounts 



Way and Structures 
Superintendence of way and structures . 
Maintenance of track and roadway . 

Removal of snow and ice 

Roadway structures 

Signal and telephone and telegraph lines 
Other miscellaneous way expenses . 
Maintenance of electric line equipment . 
Maintenance of buildings, fixtures and grounds 
Depreciation of way and structures . 



Total way and structures . 
Equipment 
Superintendence of equipment 

Maintenance of cars 

Maintenance of electrical equipment of cars 

Shop expenses 

Miscellaneous equipment 

Depreciation of equipment .... 



Total equipment 

Power 

Superintendence of power 

Maintenance of power plants 

Depreciation of power plant buildings and equipment 
Operation of power plants ' . 



Total power 

Conducting Transportation 

Superintendence of transportation 

Passenger conductors, motormen and trainmen 
Freight conductors, motormen and trainmen 
Miscellaneous car service employees .... 

Miscellaneous car service expenses 

Station employees 

Station expenses 

Car house employees 

Car house expenses 

Operation of signal and telephone and telegraph lines 

Other transportation expenses 

Total conducting transportation .... 



1925 



$300,059.42 

1,674,982.97 

102,010.21 

139,971.48 

45,461.53 

28,500.39 

268,596.39 

408,313.16 

798,720.00 



$3,766,615.55 

.$166,114.08 

1,636,119.80 

548,260.30 

305,027.05 

97,275.18 

1,148,160.00 



.153,900,956.41 

$109,674.73 

252,174.07 

549,120.00 

1,625,160.29 



$2,536,129.09 

$1,260,224.22 
7,264,106.43 

12,090.14 
283,360.41 
124,853.23 
816,813.28 
295,135.19 
990,106.64 

61,887.89 
268,245.54 
190,410.22 



$11,567,233.19 



1924 



$289,415.84 

1,716,104.40 

112,752.16 

89,911.94 

58,139.79 

25,809.44 

276,938.19 

280,452.32 

873,600.00 



$3,823,124.08 

$163,745.82 

1,829,866.87 

600,964.03 

346,672.62 

91,772.77 

1,123,200.00 



$4,156,222.11 

$101,027.03 

314,410.35 

499,200.00 

1,904,645.90 



$2,819,283.28 

$1,264,652.86 

7,531,498.41 

14,299.00 

301,694.02 

135,302.93 

793,733.53 

267,274.16 

1,008,684.85 

61,204.76 

262,406.23 

184,484.27 



$11,825,235.02 



1923 



$248,982.68 

1,839,136.58 

312,987.31 

100,635.52 

34,844.51 

24,374.50 

286,168.36 

421,547.75 

761,520.00 



$4,030,197.21 

$145,647.13 
1,530,825.65 
616,753.25 
267,364.00 
104,942.60 
841,680.00 



$3,507,212.63 

$89,832.93 

340,120.13 

400,800.00 

2,263,978.16 



$3,094,731.22 

$1,084,881.13 

7,043,938.40 

15,706.17 

282,737.65 

146,449.07 

753,913.14 

203,314.57 

855,488.88 

57,577.10 

239,350.87 

222,575.70 



$10,905,932.68 



23 



Operating Expense Accounts— Concluded 



Traffic 



Traffic 



General and Miscellaneous 
Salaries and expenses of general officers and clerks . 
General office supplies and expenses . 

Law expenses 

Relief department expenses, pensions and gratuities . 
Miscellaneous general expenses . . . 

Injuries and damages 

Insurance 

Stationery and printing 

Store, garage and stable expenses 

Rent of tracks and facilities 

Rent of equipment 



Total general and miscellaneous . 

Transportation for Investment 
Total operating expenses 



1925 



$3,239.51 

$447,342.98 
157,752.22 

67,139.30 
180,028.88 
118,702.10 
846,235.82 
271,968.70 

83,259.55 
384,051.76 

22,193.65 

77,600.37 



$2,656,275.42 

*24,713.60 

$24,405,735.57 



1924 



$7,866.24 

$445,845.74 
127,940.49 

53,264.15 
141,217.31 
101,073.86 
914,043.17 
282,532,03 

86,301.64 
398,591.02 

33,403.49 

27,079.52 



$2,611,292.42 

♦20,889.59 
$25,222,133.56 



1923 



$3,863.73 

$416,448.77 
129,010.58 

53,393.15 
121,681.32 

77,449.10 
975,020.68 
316,413.99 

96,726.62 
360,951.94 

34,548.59 

28,284.08 



$2,609,928.82 

*21,112.88 

$24,130,253.11 



♦Credit 



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26 

Investment for Road Owned and Leased by Boston Elevated Railway 

December 31, 1925 



Boston Elevated Railway 

Road and Equipment 
Misc. Real Estate 



$106,644,373 38 
58,889 12 



Total Boston Elevated Railway $106,703,262 50 



Leased Lines 

Hyde Park Transportation Dist. 

(City of Boston) $225,000 00 

East. Mass. St. Ry. Co. 

West Roxbury $768,328 71 

East Boston 18,081 95 

Middlesex. Fells Line . . . 29,546 01 
Amount due Boston Elevated 
Ry. for Additions and 
Betterments 119,283 19 

Total East. Mass. St. Ry. Co. 935,239 86 

Total Leased Lines 



$1,160,239 86 



City of Boston Investments — Subways and Tunnels 

Tremont Subway . 
East Boston Tunnel 
East Boston Tunnel Ext. 
Boylston Subway . 
Beacon Hill Tunnel 
Washington Tunnel 
Dorchester Tunnel . 

Total City of Boston Investment 



$4,376,531 69 
7,150,626 92 
2,332,885 24 
6,460,777 28 
1,636,902 60 
7,926,202 06 

10,763,456 26 



$40,647,382 05 



Commonwealth of Massachusetts Investment — Subways and Tunnels 



Cambridge — Main St. Subway . 



$7,964,000 00 



Total Commonwealth of Massachusetts Investment 



$7,964,000 00 



TOTAL INVESTMENT FOR ROAD OWNED AND LEASED $156,474,884 41 



27 



Investment Per $1 of Business 1897 to Date 

















Investment 


Permanent 
Investment 


Passenger 
Revenue Only 








Per $1 of 
Passenger 
Revenue 


Per $1 of 

Total 

Income 


Total 
Income 


Sept. 


30, 


1897 










$25,291,913.22 


$2,963 


$2,901 


$8,536,285.83 


$8,719,031.78 


Sept. 


30, 


1898 










31,251,81190 


3.485 


3.376 


8.967,587.56 


9,257,252.94 


Sept. 


30, 


1899 










33,187,250.79 


3.512 


3.402 


9,449,928.89 


9,756,136.25 


Sept. 


30, 


1900 










37,793,501.62 


3,799 


3.692 


9,948,438.78 


10,236,994.49 


Sept. 


30, 


1901 










44,087,939.53 


4.174 


4.056 


10,562,533.45 


10,869,496.33 


Sept. 


30, 


1902 










46,466,591.31 


4.201 


4.104 


11,060,385.40 


11,321,030.13 


Sept. 


30, 


1903 










48,398,610.91 


4.148 


4.027 


11,666,906.60 


12,019,371.26 


Sept. 


30, 


1904 










51,886,524.39 


4.296 


4.127 


12,078,800.39 


12,436,593.79 


Sept. 


30, 


1905 










57,187,809.61 


4.635 


4.488 


12,337,867.16 


12,741,569.30 


Sept. 


30, 


1906 










59,873,910.46 


4.567 


4.391 


13,109,316.03 


13,634,612.49 


Sept. 


30, 


1907 










05,979,896.07 


4.871 


4.709 


13,546,779.20 


14,011,167.72 


Sept. 


30, 


1908 










70,957,716.76 


5.207 


5.012 


13,628,383.20 


14,074,696.51 


Sept. 


30, 


1909 










81,592,634.49 


5,818 


5.629 


14,024.768.39 


14,493,853.13 


June 


30, 


1910 










87,997,421.75 


6.008* 


5.729* 


10,984,440.81 


11,519,685.36 


June 


30, 


1911 










92,904,910.27 


6.101 


5.814 


15,227,984.08 


15,980,707.94 


June 


30, 


1912 










101,864,058.60 


6.576 


6.165 


15,491,051.71 


16,522,542.00 


June 


30, 


1913 










105,019,587.59 


6.447 


6.189 


16,289,918.96 


16,968,328.33 


June 


30, 


1914 










106,990,919.12 


6.243 


6.016 


17,136,776.63 


17,785,978.25 


June 


30, 


lOir, 










113,166,182.04 


6.545 


6.327 


17,290,203.30 


17,886,549.64 


June 


SO, 


1916 










117,116,007.58 


6.452 


6.236 


18,148,646.75 


18,781,327.74 


Dec. 


31, 


1917 










121,807,319.67 


6.400 


6.146 


19,030,940.62 


19,818,407.01 


Dec. 


31, 


1918 . 










134,181,073.47 


6.593 


6.370 


20,352,412.11 


21,062,962.82 


Dec. 


31, 


1919 










138,117,974.50 


4.836 


4.682 


28,767,544.11 


29,498,582.82 


Dec. 


31, 


1920 . 










139,156,058.00 


4.203 


4.089 


33,108,946.48 


34,031,636.44 


Dec. 


31, 


1921 . 










141,345,133.42 


4.382 


4.248 


32,253,629.59 


33,277,025.53 


Dec. 


31, 


1922 . 










143,345,873.68 


4.503 


4.384 


31,834,022.77 


32,699,176.37 


Dec. 


31, 


1923 . 










149,001,108.85 


4.475 


4.369 


33,297,951.50 


34,096,813.26 


Dec. 


31, 


1924 . 










155,490,852.91 


4.653 


4.549 


33,419,172.22 


34,175,319.61 


Dec. 


31, 


1925 . 










156,474,884.41 


4.630 


4.529 


33,790,441.73 


34,547,379.61 



The permanent investment represents the actual money expended for property operated, including 
subways owned by the City of Hoston and Commonwealth of Massachusetts. 
•For nine months on! v. 



28 

BOSTON ELEVATED RAILWAY 
Outstanding Capital Stock December 31, 1925 



No. Shares 



Par Value 



Net Premium 



Amount 
Realized 



Date of 
Approval by 
Commission 



Yearly 
Dividend 



Dividends 
Payable 



First Preferred Stock$ 



64,0001 



$6,400,000 



$6,400,000.00 



Nov. 11, 1887 



8%— $512,000.00 



( Jan. 1 
i July 1 



Second Preferred Stock$ 



800 


$80,000 




$80,000.00 


Sept. 


7, 


1887 




4,640 


464,000 




464,000.00 


Sept. 


7, 


1887 




9,560 


956,000 




956,000.00 


Jan. 


24, 


1889 




40,000 


4,000,000 




4,000,000.00 


Aug. 


22, 


1889 




35,850 


3,585,000 


$780 ; 934.15* 


4,371,934.15 


June 


19, 


1891 




4, 542 1 


454,250 


360.720.87 


814,970.87 


Mar. 


19, 


1903 




1,500 


150,000 


119,970.83 


269,970.83 


July 


27, 


1904 




4,200 


420,000 


290,506.25 


710,506.25 


Mar. 


30, 


1907 




10,109 


1,010,900 


420,393.13 


1,431.293.13 


Dec. 


20, 


1907 




13,900 


1,390,000 


710,385.37 


2,100,385.37 


Sept. 


15, 


1910 




2,200 


220,000 


102,034.38 


322,034.38 


Feb. 


13, 


1913 




2,800 


280,000 


90,534.38 


370,534.38 


Apr. 


14, 


1914 




4,350 


435,000 


121,892.31 


556,892.31 


Mar. 


9, 


1915 




5,847 


584,700 


16,039.50 


600,739.50 


Mar. 


24, 


1917 




140,298£t 


$14,029,850 


$3,019,411.17 


$17,049,261.17 






275,350 


786,934.15* 


786,934.15* 










2,753*§ 


$2,232,477.02 


$16,262,327.02 


1%— $962,815.00 { Apr. 1 
( Oct. 1 


137,545 


$13,754,500 





Preferred Stock 



30,000 



$3,000,000 



$3,000,000.00 



(Jhap. 159— 
Spec. Acts 191S 



7%— $210,000.00 



{Ja 
) Ju 



an. 1 
ly 1 



Common Stock 



5,000 
95,000 
33,000 
66,500 
39,294 



238,794 



$500,000 
9,500,000 
3,300,000 
6,650,000 
3,929,400 

$23,879,400 



$1,815,000.00 
695,958.13 
196,470.00 



$2,707,428.13 



$5,000,000.00 
9,500,000.00 
5,115,000.00 
7,345,958.13 
4,125,870.00 



$26,586,828.13 



July 26, 1897 

July 6, 1900 

Aug. 22, 1902 

Dec. 18, 1908 

Dec. 6, 1912 



6%— $1,432,764.00 



Jan. 1 

Apr. 1 

July 1 

Oct. 1 



*Credited to surplus. Not used for road and equipment purposes. 
tPar value changed from $50.00 to $100.00 June 10, 1922. 

{Prior to June 10, 1922. 
P. E. Ry. 1st Pfd. Stock was W. E. St. Rv. Co. Pfd. Stock. 
B. E. Ry. 2nd Pfd. Stock was W E St Ry. Co. Common Stock. 
Order of D. P. U. 759, June 2, 1922, authorizing issue of new stock June 10, 1922. 
718l/ij shares retired July, 1923 ) 
§ 919 shares retired Aug., 1924 \ from income of Special Trust Fund. 
1116 shares retired Aug., 1925 > 



29 



Outstanding Funded Debt December 31, 1925 



Par 

Value 


Rate 


Maturity 


Net Pre- 
mium of 
Discount 


Amount 
Realized 


Date of 
Approval by 
Commission 


Yearly 
Interest 


Co. 


$3,000,000 


6 % 


June 


1, 1933 


$*180,000.00 


$2,820,000.00 


May 


10, 


1923 


$180,000.00 


B. E. 


2,098,000 


6 % 


Mar. 


1, 1934 


24,315.82 


2,122,315.82 


Feb. 


15, 


1924 


125,880.00 


B. E. 


1,581,000 


&&% 


Aug. 


1, 1934 


*5,027.58 


1,575,972.42 


June 


19, 


1924 


86,955.00 


B. E. 


7,500,000 


4 % 


May 


1, 1935 


276,900.00 


7,776,900.00 


Apr. 


7, 


1905 


300,000.00 


B. E. 


1,000,000 


4 % 


May 


1, 1935 


*55,000.00 


945,000.00 


June 


15, 


1907 


40,000.00 


B. E. 


4,S00,000 


4V 2 % 


Oct. 


1, 1937 


*29.585.04 


4,770,414.96 


June 


15, 


1907 


216,000.00 


B. E. 


5,000,000 


4V 2 % 


Nov. 


1, 1941 


*100.000.00 


4,900,000.00 


Oct. 


17, 


1911 


225,000.00 


B. E. 


4,000,000 


5 % 


Dec. 


1, 1942 


* 80,000.00 


3,920,000.00 


Dec. 


6, 


1912 


200,000.00 


B. E. 


1,000,000 


5 % 


Dec. 


I, 1942 


*78,940.00 


921,060.00 


May 


27, 


1914 


50,000.00 


B. E. 


3,286,000 


5 % 


Dec. 


1, 1942 


*261, 779.76 


3,024,220.24 


Nov. 


9, 


1915 


164,300.00 


B. E. 


2,700,000 


GV4% 


Feb. 


1, 1927 


14,040.00 


2,714,040.00 


Dec. 


23, 


1921 


168,750.00 


W. E. 


1 .056,000 


6 % 


May 


1, 1927 


5,281.20 


1,961,281.20 


Dec. 


23, 


1921 


117,360.00 


W. E. 


850,000 


4y 2 % 


July 


1, 1930 


255.00 


850,255.00 


July 


2, 


1910 


38,250.00 


W. E. 


754,000 


4V 2 % 


July 


1, 1930 


28,727.40 


782.727.40 


Apr. 


4, 


1912 


33,930.00 


W. E. 


3.559,000 


4 % 


Aug. 


1, 1932 


72,568.01 


3,631,568.01 


Sept. 


18, 


1902 


142,360.00 


W. E. 


700,000 # 


4 % 


Aug. 


1, 1932 


33,251.00 


733,251.00 


Dec. 


1, 


1903 


28,000.00 


W. E. 


750,000 


4 % 


Aug. 


1, 1932 


38,227.50 


788,227.50 


Sept. 


1, 


1904 


30,000.00 


W. E. 


200,000 


4 % 


Aug. 


1, 1932 


11,866.00 


211,866.00 


Feb. 


11, 


1905 


8,000.00 


W. E. 


500,000 


4 % 


Aug. 


1, 1932 


2,290.00 


502,290.00 


Dec. 


12, 


1906 


20,000.00 


W. E. 


600,000 


5 % 


Nov. 


1, 1932 


24.888.00 


624,888.00 


Feb. 


13, 


1913 


30,000.00 


W. E. 


815,000 


5 % 


May 


1, 1936 


5,786.50 


820,786.50 


Apr. 


6, 


1916 


40,750.00 


W. E. 


2,600,000 
570,000 


5 % 

7 % 


Mar. 
Sept. 


1, 1044 
1, 1947 


112,832.07 
399.00 


2,712,832.07 
570,399.00 


( Fel). 
I Apr. 
f Aug. 
\ Sent. 


4, 
14, 
24, 

4, 


1914 
1914 
1D17 

1917 


130,000.00 
39,900.00 


W. E. 
W. E. 


$49,819,000 






*$13S,704.88 


$49,680,295.12 




$2,415,435.00 





*Discount. 



30 



History of the 1919 Loan Assessment on Cities and Towns 
Chapter 159, Special Acts 1918 

Allocation of Assessment on Cities and Towns of Boston Elevated Deficit, Year 

ended June 30, 1919. 



Cities and Towns 


Passengers 


Per 

Cent. 


Amount 


Distribution 

of July, 1922 

Repayment 


Distribution 

of July, 1923 

Repayment 


Distribution 

of July, 1925 

Repayment 


Balance 
Due 


Boston . 


2,100,423 


71.9330 


$2,863,042.50 


$372,034.92 


$790,029.10 


$14,902.98 


$1,686,075.50 


Cambridge 


283,475 


9.7081 


386,397.11 


50,209.95 


106,622.54 


2,011.31 


227,553.31 


Somerville 


122,583 


4.1981 


167,090.75 


21,712.43 


46,106.54 


869.75 


98,402.03 


Brookline 


74,553 


2.5532 


101,621.23 


13,205.06 


28,040.99 


528.96 


59,846.22 


Mtedford 


59,754 


2.0464 


81,449.82 


10,583.91 


22,475.56 


423.97 


47,966.38 


Maiden . 


55,838 


1.9123 


76,112.44 


9,890.35 


21,002.65 


396.19 


44,823.25 


Everett . 


54,823 


1.8775 


74,727.35 


9,710.36 


20,619.69 


388.97 


44,008.33 


Watertown 


41,198 


1.4109 


56,155.96 


7,297.12 


15,496.14 


292.32 


33,070.38 


Arlington 


32,477 


1.1122 


44,267.25 


5,752.26 


12,215.36 


230.43 


26,069.20 


Chelsea . 


29,659 


1.0157 


40,426.40 


5,253.17 


11,154.86 


210.42 


23,807.95 


Newton . 


27,201 


.9316 


37,079.09 


4,818.20 


10,231.84 


193.01 


21,836.04 


Belmont 


18.746 


.6420 


25,552.57 


3,320.40 


7,051.43 


133.02 


15,047.72 


Quincy (Common- 
wealth of Mass.) 

Stoneham (Com- 
monwealth of 
Mass.) 

*Commonwea 1 1 h 
of Mass. . 


15,569 
3,674 


.5332 
.1258 


21,222.17 
5,007.03 


2,757.69 
650.63 


18,464.48 

4,356.40 
690.24 


• 


•690.24 


Totals . 


2,919,973 


100.00% 


$3,980,151.67 


$517,196.45 


$1,114,557.82 


$20,581.33 


$2,327,816.07 



Based on traffic counts made Tuly 24, 25, 26, 27, 1919, in accordance with the provisions of section 
14, chapter 159, Special Acts 1918. 

*From the July 1923 repayment the Commonwealth of Massachusetts deducted $690.24 to re- 
imburse themselves for the difference between 126 days' interest at 4.28 per cent, on $4,000,- 
000. (Note issued July 17, 1919, due November 20, 1919) and $3,980,151.67, the amount 
paid to the Boston Elevated Railway Company $297.33 

And interest from July 17, 1919, to July 19, 1923, on amount the State deducted to pay assess- 
ment of Quincy and Stoneham 392.91 

Amount of expense to State to be assessed to towns and cities pro rata to their orig- 
inal contribution $690.24 

•Credit. 



31 



RESERVE FUND 

Balance January 1, 1925 $176,868 31 

Excess of Receipts over Cost of Service 

January $269,649 08 

February . 118,183 05 

March 211,955 71 

April 130,636 68 

May 139,081 44 

October 117,703 96 

November 45,265 00 

December 289,345 67 

$1,321,820 59 

Excess of Cost of Service over Receipts 

June $25,792 94 

July 249,477 93 

August 367,593 94 

September 176,763 97 

$819,628 78 
Excess for the Year of Receipts over Cost of Service $502,191 81 



$679,060 12 
Amount Refunded to Commonwealth of Mass., July 1, 1925 .... 20,581 33 



$658,478 79 
Profit and Loss Items Dr 20,680 88 



Balance— December 31, 1925 $637,797 91 



BOSTON ELEVATED RAILWAY COMPANY, TRUSTEE 






Statement of Special Trust Fund, December 31, 1925 

Principal of Trust Fund as established $1,500,000 00 

Accretions and accumulations to December 31, 1925 633,495 86 

Total Special Trust Fund $2,133,495 86 

Income from June 10, 1922, to December 31, 1925 . . $330,694 92 

Less amount paid on account of retirement of 

Second Preferred Stock, as follows: 

7182 shares purchased July, 1923 . . $72,193 40 

919 shares purchased July, 1924 . . 90,319 68 

1,116 shares purchased July, 1925 . . 111,685 37 

$274,198 45 

$56,496 47 

Investments $2,126,840 34 

Cash on Deposit $63,151 99 



c^^^Ql 






E. L. Grimes Printing Co Boston 



Annual Report 



OF THE 



PUBLIC TRUSTEES OF THE BOSTON 
ELEVATED RAILWAY 



FOR THE 

Year Ending December 31, 1926 



Annual Report 



OF THE 



PUBLIC TRUSTEES OF THE BOSTON 
ELEVATED RAILWAY 



FOR THE 



Year Ending December 31, 1926 



BOARD OF TRUSTEES 

(Appointed by the Governor of Massachusetts, pursuant to 
Chapter 159 of the Special Acts of 1918.) 

SAMUEL L. POWERS, Chairman 
WINTHROP COFFIN STANLEY R. MILLER 

ANDREW MARSHALL J. FRANK O'HARE 



OFFICERS 

(Appointed by the Trustees.) 

EDWARD DANA General Manager 

HENRY L. WILSON Treasurer 

JOHNH. MORAN General Auditor 

H. WARE BARNUM General Counsel 

RUSSELL A. SEARS General Claims Attorney 



REPORT OF THE BOARD OF PUBLIC TRUSTEES OF THE 
BOSTON ELEVATED RAILWAY 



The Public Trustees of the Boston Elevated Railway respectfully submit 
their eighth annual report. 

The eighth full year of public operation closed on June 30, 1926 with a 
balance of receipts over cost of service of $22,304.46. This amount was re- 
paid to the Commonwealth and distributed to the cities and towns served by the 
railway. 

The calendar year 1926, however, shows an excess of cost of service over 
receipts of $482,749.12. 

The cumulative effect of the wage increases since July 1, 1923 beginning 
with the Mayberry Award of that year has been a heavy burden. A con- 
siderable number of employees are members of the so-called Building Trades 
crafts whose wages in general in this locality are fixed by agreement with the 
Building Trades Employers Association and these wages during the past year 
reached the highest point they have ever attained. The total payroll cost for 
the year has been no higher than appears in the following statements only by 
reason of a substantial reduction in the number of men employed, and the 
careful exercise of operating economies. 

The year 1926 was conspicuous for the extraordinary amount of snow 
expense, which totalled $484,165.12, and was the second largest of any year in 
the history of the railway. Heavy snow storms occurred in the month of 
December as well as the early months of the year. Such storms entail added 
costs for repairing cars and equipment, for extra power in operating the cars 
themselves as well as the snow plows and sweepers, and also extra cost by rea- 
son of the increase in the number of accidents. These additional expenses 
appear in the total expenditures under the items of Maintenance, Power, and 
Accidents, but are impossible of segregation. 

While there has been a reduction in some types of accidents, vehicle 
collisions have increased and there has been an increase in total expense for 
injuries and damages of $261,000 over the preceding year. 

The annual charge for depreciation is $346,000 more than for the previous 
year due to increases in investment in depreciable property. The method by 
which the amount of the depreciation charge is determined and the principles 
applied therein are set forth in the Report of the Joint Special Committee 
printed as House Document 501 of 1925. By far the greater portion of this 
increase of $346,000 arises from the expansion of motor bus service and con- 
sequent increase in number of buses owned. The life of a bus is relatively 



short as compared with nearly all other elements of the properties and con- 
sequently necessitates the annual accrual of a high percentage of the cost in 
order to provide for replacement at the proper time. 

Added Revenue arising from greater number of passengers carried and 
from larger payments from advertising and station privilege contracts has 
offset some of these increased costs but the net result is as stated above. 

Effort has been made during the year adequately to meet proper main- 
tenance charges which had been curtailed somewhat during the previous year. 

There was a total increase in number of revenue passengers carried of 
6,182,115. The average traffic on weekdays, Saturdays and holidays increased, 
whereas the Sunday traffic averaged slightly less. 

To care for this increase and to provide more frequent trips where there 
has been increased substitution of one-man cars and buses, 2,385,255 more 
miles and 338,144 more round trips were operated. Two-man surface car 
operation was reduced from 24,880,686 miles to 23,653,994 miles, while one- 
man operation was increased from 13,271,296 miles to 14,419,209 miles, and 
bus miles increased from 2,472,456 to 4,717,900 miles. An increase of 268,122 
miles was operated on the rapid transit lines. 

It is still hoped that by constant attention to operating economies the 
Trustee year ending June 30, 1927, will show that expenditures have been kept 
within receipts, but it is manifest that within the limits of current revenue no 
additional burdens can reasonably be assumed. 



Receipts and Expenditures 

The following comparative tables present a summary of receipts and 
expenditures for the past five calendar years and the allocation of cost of 
service per revenue passenger for the year ending December 31, 1926 : 

Comparative Division of Receipts and Expenditures for Year Ending Dec. 31. 





1926 


1925 


1924 


1923 


1922 


Total receipts .... 


$35,481,313.38 


$34,547,379.61 


$34,175,319.61 


$34,096,813.26 


$32,699,176.37 


Operating expenses: 












Wages 


$17,697,377.55 


$16,931,549.57 


$17,358,670.49 


$16,224,275.94 


$14,772,340.42 


Material and other items . 


3,462,091.07 


3,175,981.86 


3,203,378.92 


3,236,805.32 


2,903,650.98 


Injuries and damages 
(Excluding wages charged 
to this account) 


925,918.61 


666,488.49 


740,025.39 


822,775.24 


555,355.59 


Depreciation 


2,841,721.52 


2,496,000.00 


2,496.000.00 


2,004,000.00 


2,004,000.00 


Fuel . . 


1,149,159.30 


1,135,715.65 


1,424,058.76 


1,842,396.91 


1,853,111.76 


Total operating expenses . 


$20,076,268.11 


$24,405,735.57 


$25,222,133.56 


$24,130,253.41 


$22,088,458.75 




1,910,764.61 


1,652,517.57 


1,623,995.65 


1,688,139.91 


1,587,186.83 


Rent of leased roads (in- 
cluding dividend rental 
under chapter 159, Acts of 
1918) 


3,162,454.21 
2,217,000.93 


3,169,448.86 
2,217,470.08 


3,175,566.55 
2,125,593.96 


3,185,577.67 
2,026,936.52 


3,646,595.75 
2,008,414.25 


Subway and tunnel rents 












Interest on bonds and notes 


2,535,504.81 


2,540,909.21 


2,602,891.00 


2,316,026.54 


1,891,315.57 


Miscellaneous items 


62,069.83 


59,104.47 


61,835.29 


70,247.65 


65,016.14 


Total cost of service . 


$35,964,062.50 


$34,045,185.76 


$34,812,016.01 


$33,417,181.70 


$31,286,987.29 


Loss for year . . . . 


$482,749.12 




$636,696.40 






Gain for year .... 




$502,193.85 




$679,631.56 


$1,412,189.08 









Profit and Loss Items not included in above. 



8 



Boston Elevated Railway 

Allocation of Cost ofSeryice 
per Passenger 

12MonthsEndedDecember3I, 1326. 
Average Receipts per Revenue Passenger 9.558* 
Cost of Service 9.688 ^perRevenuePassenger 

DIVIDED AS FOLLOWS 




9 



Traffic Statistics, Year Ending December 31. 





1926 


1925 


1924 


1923 


Round trips operated .... 


7,526,260 


7,185,587 


6,994,749 


6,488,082 


Passenger revenue 


.$34,393,953.90 


$33,790,441.73 


$33,419,172.22 


$33,297,951.50 


Passenger revenue per car mile (cents) 


59.41* 


60.93* 


59.69* 


61.61* 


Passenger revenue per car hour 


$5.75 


$5.86 


$5.67 


$5.71 


Passenger revenue mileage 


57,895,881f 


55,461,094t 


55,988,679f 


54,049,665f 


Passenger revenue car hours . 


5,980,267 


5,767,957 


5,894,115 


5,826,993 


Revenue passengers carried 


371,218,401 


365,036,286 


382,888,848 


382,149,697 


Revenue passengers carried per car mile. 


6.412 


6.582 


6.838 


7.070 


Revenue passengers carried per car hour 


62.07 


63.28 


64.96 


65.58 



■{"Including motor bus mileage. 



1923 


465,382 


1924 


890,901 


1925 


2,472,456 


1926 


4,717,900 



Comparative Passenger Statistics — Revenue Passengers Carried. 















Week Day 


Saturday 


Sunday 


Holiday 


Total for 


Year 


Average 


Average 


Average 


Average 


Year 


1926 


1,086,544 


1,191,342 


576,701 


666,258 


371,218,401 


1925 . 












1,066,317 


1,172,871 


577,200 


600,007 


365,036,286* 


1924 . 












1,109,861 


1,216,132 


630,755 


727,191 


382,888,848* 


1923 . 












1,109,274 


1,196,301 


652,404 


758,915 


382,149,697* 


1922 . 












1,030,303 


1,144,320 


617,148 


691,890 


356,593,942* 


1921 . 












975,745 


1,068,295 


578,860 


696,691 


337,252,080 


1920 . 












960,737 


1,072,319 


591,063 


703,634 


335,526,561 


1919 












934,918 


1,078,635 


596,182 


706,429 


324,758,685 


1918 












985,384 


1,147,809 


658,902 


775,634 


348,664,700 


1917 












1,073,943 


1,249,588 


728,847 


857,902 


381,017,338 


1916 












1,050,038 


1,218,749 


718,804 


832,962 


373,577,908 


1915 












992,283 


1,140,046 


685,726 


846,860 


352,469,586 



*NOTE — During the years 1922, 1923 and 1924, one passenger making a single journey for which 
he might pay two five-cent fares was counted as two revenue passengers. The substitution in November, 
1924, of six-cent tickets for five-cent cash fares has often resulted in the payment of a ten-cent fare by 
such a passenger with a consequent reduction in the company's figures of total revenue passengers car- 
ried, though the gross passenger revenue for the year 1925, which increased $371,269.51, would indicate 
substantially the same number of passengers carried by the railway in 1925 and 1924. 



10 

Operating Changes and Betterments 

The Somerville Garage was placed in operation on December 6, 1926, with 
a present capacity of 112 buses. This made possible the surrender of some 
leased garage space and avoided the necessity of leasing additional quarters. 

A second carhouse unit at Lotus Place was completed and put in operation 
on July 6, 1926, after which Grove Hall Carhouse was sold. 

Replacement of the last wooden elevated cars, 100 in number, has been 
undertaken by an order for a similar number of modern steel cars. 

Eighty-one motor buses have been added during the year to cover the lines 
on which bus operation has been inaugurated. 

Egleston surface station was made a prepayment area on January 3, with 
resultant improvement in the speed of service to that point by surface cars. 

15.15 miles of track and special work were rebuilt and 2.6 miles exten- 
sively repaired. 

A Line Emergency Station has been constructed at Brookline Village, and 
was opened on September 25, 1926. 

Snow fighting equipment to meet the exigencies of snow storms under 
present day traffic conditions has been added at a cost of $28,000, so that 
at the present time there is over $600,000 invested in snow fighting equipment. 

The telephone system on Rapid Transit line which had previously been 
inadequate, has been completely modernized. 

Consolidation has been effected in the Maintenance Department by con- 
centration of stores at George Street Yard, near Sullivan Square Terminal and 
abandoning South Boston depot with substantial operating saving. 

For some time test installations of automatic passimeters similar to those 
commonly in use in the New York subways have been made with apparent 
success. Sixty of these have been ordered and when placed in use will result 
in operating economy. 

The total car defects reported per 1,000 car miles has been reduced from 
.57 to .43. 

In conjunction with the Transit Department of the City of Boston a very 
considerable amount of work has been performed on the Dorchester Tunnel 
Extension. It is anticipated that the portion to Fields Corner will be placed 
in operation during the current year. Sixty additional cars of the type now 
in use in the Cambridge-Dorchester Tunnel service have been ordered and will 
be received by the time this portion of the extension is ready for operation. 
A statement of cars and buses follows : 



11 



Passenger Cars and Buses Owned 



Surface Cars 





1926 


1925 


1918 




416 


440 


453 


Semi-convertible cars — one or two-man type 


461 


419 


.... 




396 


396 


100 




220 


220 


174 




29 


36 


1 




.... 




177 




105 


138 


1,113 










1,354 


Total surface passenger cars 


1,027 


1,649 


3,372 



Rapid Transit Lines 



Elevated cars, wood and steel . 

Elevated cars, steel 

Cambridge Subway cars, steel . 
East Boston Tunnel cars, steel . 

Total rapid transit passenger cars 
Total surface and rapid transit cars 



98 


98 


169 


227 


227 


162 


95 


95 


60 


48 


48 





468 


468 


391 


2,095 


2,117 


3,763 



Passenger Motor Buses 





109 

40 

1 


66 
3 


.... 




150* 


69f 




Total passenger cars and buses owned . 


2,245 


2,186 


3,763 



*In addition, the Boston Elevated Railway were, on December 31, 1926, operating 80 leased buses, 
fin addition, the Boston Elevated Railway were, on December 31, 1925, operating 80 leased buses. 
Note: 60 Cambridge-Dorchester Tunnel cars are on order. 100 Elevated cars are on order. 



12 

Power 

The results of power operation have justified the investment in recent 
improvements. The net cost of power for car service per kilowatt hour was 
,982c, as compared with 1.021c a year ago, due to increased efficiency of the 
new equipment and lower price of coal. 

The Oak Square automatic substation has been in successful operation 
since January 10, 1926. These automatic installations are labor saving inven- 
tions that result in less operating cost. 

The 100,000 gallon water storage at South Boston was filled on April 1, 
1926. This insures continuity of service in the event of temporary interruption 
or failure of the city water supply in that district. 

The installation of two 2,075 H. P. boilers with direct feed pulverized fuel 
burning system, fin type water cooled furnace walls and air preheaters, 
equipped with dust catching devices, is in progress and will be in operation in 
February, 1927. 



Comparative Power Statistics 





1926 


1925 


1924 


1923 


1922 


1921 


1920 


Tons of coal burned 


230,759 


217,414 


240,493 


260,032 


273,441 


215,870 


258,087 


Pounds of coal per 
kilowatt hour 


2.011 


1.973 


2.068 


2.264 


2.553 


2.174 


2.353 


Average price of coal 
per ton 


$4.98 


$5.22 


$5,921 


$7.0S5 


$6,777 


$7.71 


$10.07 


Net cost of power for 
car service per kilo- 
watt hour (cents) 


0.982 


1.021 


. 1.093 


1.227 


1.414 


1.172 


1.921 


Net cost of power per 
total revenue car 
mile (cents) 


4.401 


4.428 


4.833 


5.468 


6.153 


4.815 


8.538 


Direct current annual 
output (kilowatts) 


257,045,625 


246,835,300 


260,401,225 


257,270,357 


239,905,874 


222,461,060 


245,676,503 


Direct current maxi- 
mum hour output 
(kilowatts) 


85,900 


85,660 


80,245 


82,965 


78,755 


75,905 


72,295 



Capital 

No new capital obligations have been created in the year, but steps have 
been taken to issue on February 1, 1927, $1,926,000 additional bonds under the 
authority granted by chapter 288 of the Acts of 1924. This amount is but 
slightly in excess of the cost of the sixty additional cars which have been 
ordered for the Dorchester Rapid Transit Extension. 



13 

Capital expenditures in 1926 totalled about $3,700,000. Contemplated 
capital expenditures for the year 1927 total approximately $4,000,000. 

The Depreciation Charge during the year provided $2,841,721.52 toward 
capital expenditures. The balance was provided for by an increase of $300,000 
in short time notes and by sales of real estate and other property, and reduction 
in amount of materials and supplies on hand. 

SAMUEL L. POWERS, 
WINTHROP COFFIN, 
ANDREW MARSHALL, 
STANLEY R. MILLER, 
J. FRANK O'HARE. 







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15 



Patterson, Teele & Dennis 
Accountants and Auditors 

1 Federal Street, Boston 9, January 28, 1927. 

Mr. Samuel L. Powers, Chairman, 
Mr. Winthrop Coffin, 
Mr. Andrew Marshall, 
Mr. Stanley R. Miller, 
Mr. J. Frank O'Hare, 

Trustees 

Boston Elevated Railway, 
Boston, Massachusetts. 
Sirs: 

We have examined the accounts of the Boston Elevated Railway for the 
year ending December 31, 1926, and we report upon the railway's financial 
statements for the year, presented herewith, as follows : 

Road and equipment are shown at book values. In our opinion, adequate 
provision for depreciation has been made for the year under review, in pursu- 
ance of the plan for depreciation reserves followed by the Public Trustees from 
July 1, 1918. 

The securities owned by the railway were produced for our inspection and 
are carried at cost values, which, in the aggregate, are less than the total market 
values. We have verified the current assets as shown by the books, and have 
satisfied ourselves that the liabilities are correctly stated. 

WE HEREBY CERTIFY that, subject to the foregoing comments, the 
accompanying balance sheet is in accordance with the books and correctly 
states the financial condition of the Boston Elevated Railway at December 31, 
1926; and that the operating results for the year 1926 are fairly presented in 
the accompanying income statement. 

Respectfully submitted, 

PATTERSON, TEELE & DENNIS, 

Accountants and Auditors. 



16 



General Balance Sheet 



Debits 



Investments 
Road and equipment: 

Way and structures 

Equipment 

Power 

General and Miscellaneous 

Total road and equipment .... 
Miscellaneous physical property .... 
Other investments: 

Stocks 

Notes . . . . ~ 

Advances, Road and Equipment: 

Eastern Massachusetts Street Railway Company 

Total other investments 

Total investments 



Dec. 31, 1926 



$62,135,120.57 

26,847,206.19 

18,227,252.47 

1,893,866.60 



$109,103,445.83 
$58,889.12 

$2,501.00 
91,000.00 

131,265.73 



$224,766.73 
$109,387,101.68 



Dec. 31, 1925 



$61,591,019.11 

25,485,197.59 

17,665,559.02 

1,902,597.66 



$106,644,373.38 
$58,889.12 

$2,552.50 
229,700.00 

119,283.19 



$351,535.69 
$107,054,798.19 



Dec. 31, 1924 



$61,477,855.69 

24,966,763.74 

17,452,644.77 

1,893,554.61 



$105,790318.81 
$58,889.12 

$2,552.50 
155,250.00 

114,346.66 



$272,149.16 
$106,121,857.09 



17 



General Balance Sheet 



Credits 


Dec. 31, 192G 


Dec. 31, 1925 


Dec. 31, 1924 


Stock 








Capital stock: 










$6,400,000.00 


$6,400,000.00 


$6,400,000.00 




13,651,500.00 


13,754,500.00 


13,866,100.00 




3,000,000.00 


3,000,000.00 


3,000,000.00 


Common stock . 


23,879,400.00 


23,879,400.00 


23,879,400.00 


Total capital stock 


$46,930,900.00 


$47,033,900.00 


$47,145,500.00 


Premium on capital stock: 










2,232,477.02 


2,232,477.02 


2,232,477.02 




2,707,428.13 


2,707,428.13 


2,707,428.13 




$4,939,905.15 


$4,939,905.15 


$4,939,905.15 






$51,973,805.15 


$52,085,405.15 


Long Term Debt 








Funded debt unmatured: 








Miscellaneous obligations: 








6}% 5-yr. W. E. St. Ry. Co. bonds, due Feb. 1, 1927 


2,700,000.00 


2,700,000.00 


2,700,000.00 


6% 5-yr. W. E. St. Ry. Co. bonds, due May 1, 1927 


1,956,000.00 


1,956,000.00 


1,956,000.00 


4i% 20-yr. W. E. St. Ry. Co. bonds, due July 1, 1930 


1,004,000.00 


1,004,000.00 


1,604,000.00 


4% 30-yr. W. E. St. Ry. Co. bonds, due Aug. 1, 1932 


5,709,000.00 


5,709,000.00 


5,709,000.00 


5% 20-yr. W. E. St. Ry. Co. bonds, due Nov. 1, 1932 


000,000.00 


600,000.00 


600,000.00 


6% 10-yr. Boston Elev. Ry. bonds, due June 1, 1933 


3,000,000.00 


3,000,000.00 


3,000,000.00 


6% 10-yr. Boston Elev. Ry. bonds, due Mar. 1, 1934 


. 2,098,000.00 


2,098,000.00 


2,098,000.00 


5i% 10-yr. Boston Elev. Ry. bonds, due Aug. 1, 1934 


1,581,000.00 


1,581,000.00 


1,581,000.00 


4% 30-yr. Boston Elev. Ry. bonds, due May 1, 1935 


8,500,000.00 


8,500,000.00 


8,500,000.00 


5% 20-yr. W. E. St. Ry. Co. bonds, due May 1, 1930 


815,000.00 


815,000.00 


815,000.00 


4i% 30-yr. Boston Elev. Ry. bonds, due Oct. 1, 1937 


4,800,000.00 


4,800,000.00 


4,800,000.00 


4*% 30-yr. Boston Elev. Ry. bonds, due Nov. 1, 1941 


5,000,000.00 


5,000,000.00 


5,000,000.00 


5% 30-yr. Boston Elev. Ry. bonds, due Dec. 1, 1942 


8,280,000.00 


8,286,000.00 


8,286,000.00 


5% 30-yr. W. E. St. Ry. Co. bonds, due Mar. 1, 1944 


2,600,000.00 


2,600,000.00 


2,600,000.00 


7% 30-yr. W. E. St. Ry. Co. bonds, due Sept. 1, 1947 


570,000.00 


570,000.00 


570,000,00 


Total bonds 


$49,819,000.00 


$49,819,000.00 


$49,819,000.00 




125,000.00 


125,000.00 


125,000.00 


Total funded debt unmatured 


$49,944,000.00 


$49,944,000.00 


$49,944,000.00 


Total long-term debt 


$49,944,000.00 


$49,944,000.00 


$49,944,000.00 



18 



General Balance Sheet— Concluded 



Debits 


Dec. 31, 1926 


Dec. 31, 1925 


Dec. 31, 1924 


Current Assets 

Special deposits: 

Reserve fund, Chap. 159, Spec. Acts 1918. 
Funds available for capital expenditures only- 


$982,464.80 
$791,435.63 


$750,385.29 

$792,860.50 

369,133.12 

37,000.00 


$2,237,296.37 

$796,101.50 


34,000.00 


37,000.00 


Loans and notes receivable 

Material and supplies 


$825,435.63 

255,394.50 

2,098,290.81 

4,755.44 

40,120.56 


$1,198,993.62 

200,313.99 

2,272,808.12 

17,147.70 

39,232.11 


$833,101.50 

9,000.00 

197,754.22 

2,973.479.61 

15,052.34 

39,337.66 


Total current assets 

Deferred Assets 


$4,206,461.74 

2,936,045.86 


$4,478,880.83 
2,936,045.86 


$6,305,021.70 

2,923,449.80 


Total deferred assets 

Unadjusted Debits 
Rents and insurance premiums paid in advance . 

Discount on funded debt 

Other unadjusted debits 

Cost of service deficit for twelve months ending June 
30, 1919, as provided for by Commonwealth of Mas- 
sachusetts, Chap. 159, Special Acts of 1918 . 
Other unadjusted debits 


$2,936,045.86 

$119,702.80 
441,800.19 

2,305,511.61 
299,097.81 


$2,936,045.86 

$181,558.40 
482,395.35 

2,327,816.07 
73,330.68 


$2,923,449.80 

$198,067.92 
522,990.51 

2,348,397.40 
198,796.24 


Total other unadjusted debits 

Total unadjusted debits 

Total debits 


$2,604,609.42 
$3,166,112.41 

$119,695,721.69 


$2,401,146.75 
$3,065,100.50 

$117,534,825.38 


$2,547,193.64 
$3,268,252.07 

$118,618,580.66 



19 



General Balance Sheet — Concluded 



Cpedits 



Current Liabilities 

Loans and notes payable 

Audited accounts and wages payable 

Matured interest, dividends and rents unpaid 
Accrued interest, dividends and rents payable: 

Accrued interest on funded debt 

Accrued rents, leased roads, other companies . 

Accrued rents, subways and tunnels 

Accrued rents, leased roads, B. E. Ry. Co., dividend 
rental 



Dec. 31, 1926 



Total accrued interest, dividends and rents payable 



Total current liabilities . 

Deferred Liabilities 
Other deferred liabilities ... 



Total deferred liabilities . 

Unadjusted Credits 

Tax liability . . . . . 
Premium on funded debt 
Operating reserves: 

Injury and damage reserve . 



Total operating reserves . 
Accrued depreciation — road and equipment 
Other unadjusted credits: 

Outstanding tickets and checks 



Amount advanced by Commonwealth of Massachusetts 
under Chapter 159, Special Acts of 1918, account 
deficit in Cost of Service for 12 months ending June 
30, 1919 

Other unadjusted credits 



$3,100,000.00 
903,485.99 
792,641.13 

$533,080.43 

6,621.74 

92,790.00 

238,901.25 



Dec. 31, 1925 



$2,800,000.00 
846,324.89 
794,066.00 

$533,080.43 

6,618.34 

91,941.66 

240,703.75 



$871,393.42 
$5,667,520.54 



36,842.96 



$872,344.18 
$5,312,735.07 

38,680.22 



$36,842.96 

$712,112.36 
210,296.00 

940,187.54 



$38,680.22 

$633,630.64 
$238,709.90 

784,353.97 



$940,187.54 
$8,197,485.10 

164,159.23 



$784,353.97 
$6,122,962.98 

148,249.90 



2,305,511.61 2,327,816.07 



Total other unadjusted credits I $2,469,670.84 

Total unadjusted credits ' $12,529,751.90 

Corporate Surplus 

Miscellaneous fund reserves $412,207.03 

Loss— Period to June 30, 1918 .... *65,730.33 

Profit and Loss— Period since July 1, 1918 .... 
Profit and Loss arising out of consolidation with West End 

St. Ry. Co., June 10, 1922 138,983.71 



Total corporate surplus 
Total credits 



$2,476,065.97 
$10,255,723.46 

$412,207.03 

*76,109.21 

*362,200.05 

35,983.71 



*$353,198.86 
$119,695,721.69 



$9,881.48 
$117,534,825.38 



Dec. 31, 1924 



$5,200,000.00 

1,242,700.05 

797,307.00 

$533,080.43 

6,659.24 

89,778.34 

242,656.75 



$872,174.76 
$8,112,181.81 

40,300.12 



$40,300.12 

$660,105,32 
$267,123.74 

933,202.98 



$933,202.98 
$4,431,708.89 

122,329.19 

2,348,397.40 
5,504.76 



$2,476,231.35 
$8,768,462.28 

$412,207.03 

*76,109.21 

*823,131.69 

155,205.17 



*$331,768.70 
$118,618,580.66 



•Debit. 



20 



Income Statement 



Operating Income 



Twelve 
Months ending 
Dec. 31, 1926 



Twelve 
Months ending 
Dec. 31, 1925 



Twelve 

Months ending 

Dec. 31, 1924 



Passenger car revenue 

Passenger motor bus revenue 

Special car revenue 

Mail revenue 

Express revenue 

Miscellaneous transportation revenue .... 

Total revenue from transportation 

Station and car privileges 

Rent of tracks and facilities 

Rent of equipment 

Rent of buildings and other property .... 

Power 

Miscellaneous 

Total revenue from other railway operations . 

Total railway operating revenues .... 
Railway operating expenses: 

Way and structures 

Equipment 

Power 

Conducting transportation 

Traffic 

General and miscellaneous 

Transportation for investment 



$32,812,766.72 

1,548,592.44 

32,594.74 

175.00 

18,329.15 

2,850.59 



$32,906,220.11 

853,706.68 

30,514.94 

176.73 

38,205.06 

4,363.29 



$33,072,029.64 

331,223.37 

15,919.21 

228.92 

44,223.59 

4,532.88 



$34,415,308.64 

$055,285.80 

82,488.94 

3,903.80 

82,4S6.12 

102,537.10 

29,319.17 



$33,833,186.81 
$338,345.05 
55,868.81 
3,823.57 
94,518.75 
78,092.47 
28,462.34 



$956,020.93 
$35,371,329.57 

4,222,526.23 

4,423,585.92 

2,641,775.33 

11,924,517.74 

6,139.22 

2,S73,978.17 

*16,254.50 



$599,110.99 
$34,432,297.80 

3,766,615.55 

3,900,956.41 

2,536,129.09 

11,567,233.19 

3,239.51 

2,656,275.42 

*24,713.60 



Total railway operating expenses 

Per cent of operating expenses to operating revenues 
Per cent of operating expenses to operating and non- 
operating income 

Net revenue, railway operations 

Taxes assignable to railway operations 

Operating income 



$26,076,268.11 
73.72 



73.49 
$9,295,061.46 
$1,910,764.61 
$7,384,296.85 



$24,405,735.57 

70.88 

70.64 

$10,026,562.23 

$1,652,517.57 

$8,374,044.66 



$33,468,157.61 

$331,842.34 

32,101.13 

6,833.54 

101,277.77 

88,157.19 

17,212.09 



$577,424.06 
$34,045,581.67 

3,823,124.08 
4,156,222.11 

2,819,283.28 

11,825,235.02 

7,866.24 

2,611,292.42 

*20,889.59 



$25,222,133.56 
74.08 

73.80 
$8,823,448.11 
$1,623,995.65 
$7,199,452.46 



•Credit. 



21 



Income Statement— Conclwimd 



Twelve 
Months ending 
Dec. 31, 1926 



Non-Operating Tncome 

Income from lease of road 

Net income from miscellaneous physical property 

Dividend income 

Income from funded securities 

Income from unfunded securities and accounts . 
Income from sinking fund and other reserves 
Release of premiums on funded debt 
Miscellaneous income 

Total non-operating income . 

Gross income 

Deductions from Gross Income 
Rent for leased roads: 
Boston Elevated Railway Co. — Dividend rental 
Other roads . . . . 

Total rent for leased roads . 

Miscellaneous rents 

Net loss on miscellaneous physical property . 

Interest on funded debt 

Interest on unfunded debt 

Amortization of discount on funded debt 
Miscellaneous debits 

Total deductions from gross income . 
Balance after cost, of service . 



40.62 



1.75 

10,298.45 
36,806.41 
33,280.00 
28,413.84 
1,142.74 



$109,983.81 
$7,494,289.66 



3,112,605.50 
49,848.71 



Twelve 
Months ending 
Dec. 31, 1925 



50.00 

486.71 

3.50 

11,286.54 

39,583.34 

33,280.00 

28,413.84 

1,977.88 



$115,981.81 
$8,489,126.47 



3,119,532.00 
49,916.86 



$3,162,454.21 

2,217,000.93 

3,779.51 

2,422,935.00 

112,569.81 

40,595.16 

17,695.16 



$3,169,448.86 

2,217,470.08 

2,422,935.00 

117,974.21 

40,595.16 

18,509.31 



$7,977,929.78 
*$482,749.12 



$7,986,932.62 
$502,193.85 



Twelve 

Months ending 

Dec. 31, 1924 



393.10 



3.50 
19,147.19 
43,316.87 
33,280.00 
28,737.92 
4,912.48 



$129,791.06 
$7,329,243.52 



3,127,015.00 
48,551.55 



$3,175,566.55 

2,125,593.98 

53.12 

2,430,788.75 

172,102.25 

43,365.S6 

18,469.43 



$7,965,939.92 
*$636,696.40 



♦Debit. 



22 



Operating Expense Accounts 



Way and Structures 

Superintendence of way and structures 

Maintenance of track and roadway 

Removal of snow and ice 

Roadway structures 

Signal and telephone and telegraph lines .... 

Other miscellaneous way expenses 

Maintenance of electric line equipment 

Maintenance of buildings, fixtures and grounds . 
Depreciation of way and structures 

Total way and structures 

Equipment 

Superintendence of equipment 

Maintenance of cars and motor busts .... 
Maintenance of electrical equipment of cais. 

Shop expenses 

Miscellaneous equipment 

Depreciation of equipment 

Total equipment 

Power 

Superintendence of power 

Maintenance of power plants 

Depreciation of power plant buildings and equipment 

Operation of power plants 

Gasoline for motor buses 

Total power 

Conducting Transportation 

Superintendence of transportation 

Passenger conductors, motormen and trainmen and bus 

operators 

Freight conductors, motormen and trainmen 

Miscellaneous car service employees 

Miscellaneous car service expenses 

Station employees 

Station expenses 

Car house employees 

Car house expenses 

Operation of signal and telephone and telegraph lines 
Other transportation expenses 

Total conducting transportation 



1926 



$315,904.35 

1,563,886.79 

484,165.12 

134,325.06 

51,306.27 

17,751.08 

278,423.82 

403,323.74 

973,440.00 



1925 



$300,059.42 

1,674,982.97 

102,010.21 

139,971.48 

45,461.53 

28,500.39 

208,596.39 

408,313.16 

798,720.00 



1924 



$4,222,526.23 

$170,097.64 

1,882,658.47 

568,469.62 

336,538.18 

96,740.49 

1,369,081.52 



$3,766,615.55 

$166,114.08 

1,636,119.80 

548,260.30 

305,027.05 

97,275.18 

1,148,160.00 



$4,423,585.92 

$104,869.92 

300,645.15 

499,200.00 

1,574,656.26 

162,404.00 



$3,900,956.41 

$109,674.73 

252,174.07 

549,120.00 

1,548,595.80 

76,564.49 



$2,611,755.33 

$1,317,190.37 

7,461,960.76 
5,136.58 
267,078.76 
200,526.45 
799,755.11 
311,021.50 

1,008,023.07 

76,228.78 

281,253.91 

196,342.45 



$11,924,517.74 



$2,536,129.09 

$1,260,224.22 

7,264,106.43 
12,090.14 
2S3,360.41 
124,853.23 
816,813.28 
295,135.19 
990,106.64 
61,887.89 
268,245.54 
190,410.22 



$11,567,233.19 



$289,415.84 

1,716,104.40 

112,752.16 

89,911.94 

58,139.79 

25,809.44 

276,938.19 

380,452.32 

873,600.00 

$3,823,124.08 

$163,745.82 

1,829,866.87 

600,964.03 

346,672.62 

91,772.77 

1,123,200.00 



$4,156,222.11 

$101,027.03 
314,410.35 

499,200.00 

1,876,622.82 

28,023.08 



$2,819,283.28 

$1,264,652.86 

7,531,498.41 
14,299.00 
301,694.02 
135,302.93 
793,733.53 
267,274.16 

1,008,684.85 

61,204.70 

262,406.23 

184,484.27 



$11,825,235.02 



23 



Operating Expense Accounts — Concluded 



Traffic 



Traffic 

General ano Miscellaneous 
Salaries and expenses of general officers and clerks . 

General office supplies and expenses 

Law expenses 

Relief department expenses, pensions and gratuities . 

Miscellaneous general expenses 

Injuries and damages 

Insurance 

Stationery and printing 

Store, garage and stable expenses 

Rent of tracks and facilities 

R< nt of equipment 



Total general and miscellaneous . 

Transportation for Investment 
Total operating expenses .... 



1926 



$6,139.22 

$470,273.98 

128,058.32 

45,734.00 

' 205,745.05 

126,979.49 

1,107,003.84 

202,944.11 

95,830.21 

384,545.00 

39,331.75 

7.462.22 



1925 



$2,873,978.17 

*$16,254.50 
$28,076,268.11 



$3,239.51 

$447,342.98 
157,752.22 

67,139.30 
180,028.88 
118,702.10 
864,235.82 
271,968.79 

83,259.55 
384,051.76 

22,193.65 
77,600.37 



$2,656,275.42 

*$24,713.60 
$24,405,735.57 



1924 



$7,866.24 

$445,845.74 
127,940.49 

53,264.15 
141,217.31 
101,073.86 
914,043.17 
282,532.03 

86,301.64 
398,591.02 

33,403.49 

27,079.52 



$2,611,292.42 

*$20,889.59 
$25,222,133.56 



♦Credit. 



24 



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28 



Investment for Road Owned and Leased by Boston Elevated Railway 

December 31, 1926 

Boston Elevated Railway 

Road and Equipment . . . $109,103,445 83 

Miscellaneous Physical Property 58,889 12 

Total Boston Elevated Railway Investment .... $109,162,334 95 

Leased Lines 

Hyde Park Transportation Dist. 

(City of Boston) .... $225,000 00 

East. Mass. St. Ry. Co. (Part Leased) 

Old Colony Lines W. Roxbury $768,328 71 

Boston & Northern Lines, East 

Boston 18,081 95 

Middlesex Fells Line . . . 29,546 01 

Amount due Boston Elevated 
Ry. for Additions and Bet- 
terments 131,265 73 

Total East. Mass. St. Ry. Co. 947,222 40 

Total Leased Lines $1,172,222 40 



City of Boston Investments — Subways and Tunnels 

Tremont Subway .... $4,376,616 65 

East Boston Tunnel .... 7,161,632 28 

East Boston Tunnel Extension . 2,332,342 02 

Boylston Subway .... 6,467,521 38 
Beacon Hill Tunnel — Cambridge 

Connection 1,639,594 66 

Washington Tunnel .... 7,939,905 05 

Dorchester Tunnel .... 10,808,972 23 



Total City of Boston Investment $40,726,584 27 

Commonwealth of Massachusetts Investment — Subways and Tunnels 

Cambridge— Main St. Subway . $7,964,000 00 



Total Commonwealth of Massachusetts Investment . . . $7,964,000 00 



TOTAL INVESTMENT FOR ROAD OWNED AND LEASED . . $159,025,141 62 



29 



Subways and Tunnels — December 31, 1926 

Construction Construction 

Length Cost Exclusive 

Miles of Equipment 
Owned by City of Boston 

Tremont Subway 1.698 $4,376,616 65 

East Boston Tunnel 1.518 7,161,632 28 

East Boston Tunnel Extension . . . .411 2,332,342 02 

Washington Tunnel 1.157 7,939,905 05 

Beacon Tunnel (Cambridge Connection) .470 1,639,594 66 

Boylston Subway 1.503 6,467,521 38 

Dorchester Tunnel 2.271 10,808,972 23 

Total— City of Boston .... 9.028 $40,726,584 27 

Owned by Commonwealth of Massachusetts 

Cambridge— Main St. Subway . . . 2.722 7,964,000 00 

GRAND TOTAL- 
SUBWAYS AND TUNNELS . . . 11.750 $48,690,584 27 



Renta 
Per 

Annun 


I 
i 


$196,947 
322,214 
104,981 
357,015 

79,884 
290,981 
485,995 


59 
30 
07 
94 
08 
65 
34 


$1,838,019 


97 


400,903 


34 


$2,238,923 


31 



30 



Investment Per SI of Business 1897 to Date 



















Investment 


Permanent 
Investment 


Passenger 
Revenue only 








Per $1 oi 

Passenger 
Revenue 


Per $1 oi 
Total 
Income 


Total 
Income 


Sept. 


30, 


1897 


£25,291,913.22 


$2,963 


$2,901 


$8,536,285.83 


$8,719,031.78 


Sept. 


30, 


1898 












31,251,811.90 


3.485 


3.376 


8,967,587.56 


9,257,252.94 


Sept. 


30, 


1899 












33,187,250.79 


3.512 


3.402 


9,449,928.89 


9,756,136.25 


Sept. 


30, 


1900 












37,793,501.62 


3.799 


3.692 


9,948,438.78 


10,236,994.49 


Sept. 


30, 


1901 












44,087,939.53 


4.174 


4.056 


10,562,533.45 


10,869,496.33 


Sept. 


30, 


1902 












46,466,591.31 


4.201 


4.104 


11,060,385.40 


11,321,030.13 


Sept. 


30, 


1903 












48,398,610.91 


4.148 


4.027 


11,666,906.60 


12,019,371.26 


Sept. 


30, 


1904 












51,886,524.39 


4.296 


4.127 


12,078,800.39 


12,436,593.79 


Sept. 


30, 


1905 












57,187,809.61 


4.635 


4.488 


12,337,807.16 


12,741,569.30 


Sept. 


30, 


1906 












59,873,910.46 


4.567 


4.391 


13,109,316.03 


13,634,612.49 


Sept. 


30, 


1907 












65,979,896.07 


4.871 


4.709 


13,546,779.20 


14,011,167.72 


Sept. 


30, 


1908 












70,957,716.76 


5.207 


5.042 


13,628,383.20 


14,074,696.51 


Sept. 


30, 


1909 












81,592,634.49 


5.818 


5.629 


14,024,768.39 


14,493,853.13 


June 


30, 


1910 












87,997,421.75 


6.008* 


5.729* 


10,984,440.81 


11,519,685.36 


June 


30, 


1911 












92,904,910.27 


6.101 


5.814 


15,227,984.08 


15,980,707.94 


June 


30, 


1912 












101,864,058.69 


6.576 


6.165 


15,491,051.71 


16,522,542.00 


Tune 


30, 


1913 












105,019,587.59 


6.447 


6.189 


16,289,918.96 


16,968,328.33 


June 


30, 


1914 












106,990,919.12 


6.243 


6.016 


17,136,776.63 


17,785,978.25 


June 


30, 


1915 












113,166,182.04 


6.545 


6.327 


17,290,203.30 


17,886,549.64 


June 


30, 


1916 












117,116,007.58 


6.452 


6.236 


18,148,646.75 


18,781,327.74 


Dec. 


31, 


1917 












121,807,319.67 


6.400 


6.146 


19,030,940.62 


19,818,407.01 


Dec. 


31, 


1918 












134,181,073.47 


6.593 


6.370 


20,352,412.11 


21,062,962.82 


Dec. 


31, 


1919 












138,117,974.50 


4.836 


4.682' 


28,767,544.11 


29,498,582.82 


Dec. 


31, 


1920 












139,156,058.00 


4.203 


4.089 


33,108,946.48 


34,031,636.44 


Dec. 


31, 


1921 












141,345,133.42 


4.382 


4.248 


32,253,629.59 


33,277,025.53 


Dec. 


31, 


1922 












143,345,873.68 


4.503 


4.384 


31,834,022.77 


32,699,176.37 


Dec. 


31, 


1923 












149,001,108.85 


4.475 


4.369 


33,297,951.50 


34,090,813.26 


Dec. 


31, 


1924 












155,490,852.91 


4.653 


4.549 


33,419,172.22 


34,175,319.61 


Dec. 


31, 


1925 












156,474,884.41 


4.630 


4.529 


33,790,441.73 


34,547,379.61 


Dec. 


31, 


1926 












159,025,141.62 


4.623 


4.481 


34,393,953.90 


35,481,313.38 



lhe permanent investment represents the actual money expended for property operated, including 
subways owned by the City of Boston and Commonwealth of Massachusetts. 
*For nine months only. 



31 



Per Cent of Maintenance and Depreciation to Gross Earnings 



Year ending 


Gross Earnings 


Maintenance 
and Depreciation 


Per cent. 


Dec. 31, 1926 . 










. 


$35,481,313.38 


$9,066,662.10 


25.55 


June 30, 1026 














. 


35,087,845.89 


8,653,790.23 


24.66 


Dec. 31, 1923 














• 


34,547,379.61 


8,381,452.23 


24.26 


Dec. 31, 1924 














. 


34,175,372.73 


8,694,550.21 


25.44 


Dec. 31, 1923 














• 


34,096,813.26 


7,977,110.77 


23.40 


Dec. 31, 1922 














. 


32,699,176.37 


7,524,999.83 


23.01 


Dec. 31, 1!)21 














. 


33,277,025.53 


7,777,505.22 


23.37 


Dec. 31, 1920 














• 


34,031,636.44 


8,078,269.69 


23.74 


Dec. 31, 1919 














• 


29,498,582.82 


8,650,266.57 


29.32 



Gross earnings include in addition to car fares collected receipts from advertising privileges, news 
stands and station privileges, rentals and income from various miscellaneous sources. 



Distribution of Taxes Paid in 1926 



Cities and Towns * 


Real Estate 
and Personal 
Property Taxes 


Corporate 

Franchise 

Taxes 


Income and 
Other Taxes 


Total 
Taxes 


Commonwealth of Massachusetts 
Federal income tax .... 
Miscellaneous taxes .... 


$9,724.70 

1.56 

804,527.28 

7,227.09 

110,342.88 

1,170.96 

90,944.88 

3,903.02 

9,830.70 

210.00 

20,393.35 

3,120.00 


$4,676.59 

4,648.93 

158,067.46 

10,931.40 

27,212.05 
1,969.87 
9,425.64 
6,919.18 
8,019.46 
1,150.62 

17,336.68 
6,062.31 
5,955.54 


$466,136.96 
308.40 




Total taxes paid in 1926 . 


$1,061,396.42 


$262,375.73 


$466,445.36 


$1,790,217.51 



32 



Outstanding Capital Stock December 31, 1926 



No. 
Shares 


Par Value 


Net Premium 


Amount 
Realized 


Date of 

Approval by 
Commission 


Yearly 
Dividends 


Dividends 
Payable 


First Preferred StockJ 


64,000 


$6,400,000 




$6,400,000.00 


Nov. 11, 1887 , 


8%— $512,000.00 J Jan. 1 
I July 1 






Secc 


>nd Preferred Stock$ 




800 


$80,000 




$80,000.00 


Sept. 7, 1887 




4,640 


464,000 




464,000.00 


Sept. 7, 1887 




9,560 


956,000 




956,000.00 


Jan. 24, 1889 




40,000 


4,000,000 




4,000,000.00 


Aug. 22, 1889 




38,850 


3,585,000 


$786,934.15* 


4,371,934.15 


June 19, 1891 




4,542* 


454,250 


360,720.87 


814,970.87 


Mar. 19, 1903 




1,500 


150,000 


119,970.83 


269,970.83 


July 27, 1904 




4,200 


420,000 


290,506.25 


710,506.25 


Mar. 30, 1907 




10,109 


1,010,900 


420,393.13 


1,431,293.13 


Dec. 20, 1907 




13,900 


1,390,000 


710,385.37 


2,100,385.37 


Sept. 15, 1910 




2,200 


220,000 


102,034.38 


322,034.38 


Feb. 13, 1913 


- 


2,800 


280,000 


90,534.38 


370,534.38 


Apr. 14, 1914 




4,350 


435,000 


121,892.31 


556,892.31 


Mar. 9, 1915 




5,847 


584,700 


16,039.50 


600,739.50 


Mar. 24, 1917 




140,298* 


$14,029,850 


$3,019,411.17 
786,934.15* 


$17,049,261.17 
786,934.15* 






$2,232,477.02 


$16,262,327.02 


7%— $955,605.00 I Apr. 1 
I Oct. 1 


3,783*f 
136,515 


378,350 
$13,651,500 


/ 






Preferred Sto< 


:k 




30,000 


$3,000,000 




$3,000,000.00 


£ Spec. Acts 191 
( Chap. 159— 


8 7%— $210,000.00 j Jan. 1 
I July 1 


Common Stock 


5.000 
95,000 
33,000 
66,500 
39,294 


$500,000 

9,500,000 

1 3,300.000 

6,650,000 

3,929.400 


$1,815,000.00 
695,958.13 
196,470.00 


$500,000.00 
9.500.000.00 
5.115,000.00 
7,345,758.13 
, 4,125,870.00 


July 26, 1897 
July 6, 1900 
Aug. 22, 1902 
Dec. 18, 1908 
Dec. 6, 1912 


1 Jan. 1 


238,794 


523,879,400 


$2,707,428.13 


£26,586, 82S. 13 


6%— $1,432,764.00 [July 1 
J Oct. 1 



♦Credited to surplus. Not used for road and equipment purposes. 

[Prior to June 10, 1922. 

| B. E. Ry. 1st Pfd. Stock was W. E. St. Ry. Co. Pfd. Stock. 
tjB. E. Ry. 2nd Pfd. Stock was W. E. St. Ry. Co. Common Stock. 

I Order of D. P. U. 759, June 2, 1922, authorizing issue of new stock June 10, 1922. 

IPar value changed from $50.00 to $100.00 June 10, 1922. 
718% shares retired 1923 



H 



919 shares retired 1924 
1,116 shares retired 1925 
1,030 shares retired 1926 

3,783% total shares retired 



from income of Special Trust Fund. 



33 



Outstanding Funded Debt December 31, 1926 



Par 

Value 


Rate 


Maturity 


Net Pre 
mium or 
Discount 


Amount 
Realized 


Date of 
Approval by 
Commission 


Yearly 
Interest 


Co. 


$3,000,000 


6 % 


June 


1, 


1933 


' $180,000.00 


$2,820,000.00 


May 


10, 1923 


$180,000.00 


B. E. 


2,098,000 


e % 


Mar. 


1, 


1934 


24,315.82 


2,122,315.82 


Feb. 


15, 1924 


125,880.00 


B. E. 


1,381,000 


5y 2 % 


Aug. 


1, 


1934 


*5,027.58 


1,575,972.42 


June 


19, 1924 


86,955.00 


B. E. 


7,500,000 


4 % 


May 


1, 


1935 


276,900.00 


7,776,900.00 


Apr. 


7, 1905 


300,000.00 


B. E. 


1,000,000 


4 % 


May 


1, 


1935 


*55,000.00 


945,000.00 


June 


15, 1907 


40,000.00 


B. E. 


4,800,000 


4%% 


Oct. 


1, 


1937 


♦29,585.04 


4,770,414.96 


June 


15, 1907 


216,000.00 


B. E. 


5,000,000 


4%% 


Nov. 


1, 


1941 


*100,000.00 


4,900,000.00 


Oct. 


17, 1911 


225,000.00 


B. E. 


4,000,000 


5 % 


Dec. 


1, 


1942 


*80,000.00 


3,920,000.00 


Dec. 


6, 1912 


200,000.00 


B. E. 


1,000,000 


5 % 


Dec. 


1, 


1942 


*78,940.00 


921,060.00 


May 


27, 1914 


50,000.00 


B. E. 


3,2SG,000 


5 % 


Dec. 


1, 


1942 


"261,779.76 


3,024,220.24 


Nov. 


9, 1915 


164,300.00 


B. E. 


$33,205,000 




$2,700,000 


6V4% 


Feb. 


1, 


1927 


14,040.00 


2,714,040.00 


Dec. 


23, 1921 


168,750.00 


W. E. 


1,956,000 

850,000 


6 % 
4%% 


May 
July 


1, 

1, 


1927 
1930 


5,281.20 
255.00 


1,961,281.20 
850,255.00 


S June 

| Nov 
July 


! 18, 1919 
13, 1919 
2, 1910 


117,360.00 
38,250.00 


W. E. 
W. E. 


754,000 


4%% 


July 


1, 


1930 


28,727.40 


782,727.40 


Apr. 


4, 1912 


33,930.00 


W. E. 


3,559,000 


4 % 


Aug. 


1, 


1932 


72,568.01 


3,631,568.01 


Sept. 


18, 1902 


142,360.00 


W. E. 


700,000 


4 % 


Aug. 


I, 


1932 


33,251.00 


733,251.00 


Dec. 


1, 1903 


28,000.00 


W. E. 


750,000 


4 % 


Aug. 


1, 


1932 


38,227.50 


788,227.50 


Sept. 


1, 1904 


30,000.00 


W. E. 


200,000 


4 % 


Aug. 


1, 


1932 


11,806.00 


211,866.00 


Feb. 


11, 1905 


8,000.00 


W. E. 


500,000 


4 % 


Aug. 


1, 


1932 


2,290.00 


502,290.00 


Dec. 


12, 1906 


20,000.00 


W. E. 


600,000 


5 % 


Nov. 


1, 


1932 


24,888.00 


624,888.00 


Feb. 


13, 1913 


30,000.00 


W. E. 


815,000 


5 % 


May 


1, 


1936 


5,786.50 


820,786.50 


Apr. 


6, 1916 


40,750.00 


W. E. 


2,000,000 
570,000 


5 % 


Mar. 
Sept. 


1, 
1, 


1944 
1947 


112,832.07 
399.00 

*$138,704.88 


2,712,832.07 
570,399.00 


S Feb. 

1 Apr. 
J Aug 
\ Sept 


4, 1914 

14, 1914 

24, 1917 

. 4, 1917 


130,000.00 
39,900.00 


W. E. 
W. E. 


$16,554,000 




$49,819,000 


$49,680,295.12 


;2,415,435.00 





"Discount. 



34 



History of the 1919 Loan Assessment on Cities and Towns 
Chapter 159, Special Acts 1918 



Cities and Towns 


Original 

Assessments 


Total 
Repayments 


Balance 
Due 


Boston 


$2,803,042.50 


$1,193,117.71 


$1,669,924.79 


Cambridge 














386,397.11 


161,023.50 


225,373.61 


Somerville 














167,090.75 


69,631.29 


97,459.46 


Brookline 














101,621.23 


42,348.26 


59,272.97 


Medford 














81,449.82 


33,942.91 


47,506.91 


Maiden 














76,112.44 


31,718.55 


44,393.89 


Everett 














74,727.35 


31,140.55 


43,586.80 


Watertown 














56,155.96 


23,402.37 


32,753.59 


Arlington 














44,267.25 


18,447.77 


25,819.48 


Chelsea 














40,426.40 


16,846.49 


23,579.91 


Newton 














37,079.09 


15,452.22 


21,626.87 


Belmont 






• • 








25,552.57 


10,649.00 


14,903.57 


^Commonwealth of Massachusetts 




26,229.20 


26,229.20 




•{•Commonwealth of Massachusetts 






690.24 


*6go.24 




$3,980,151.67 


$1,674,640.06 


$2,305,511.61 



Based on traffic counts made July 24, 25, 26, 27, 1919, in accordance with the provisions of Section 
14, Chapter 159, Specials Acts 1918. 

* Assessment of Quincy and Stoneham assumed by Commonwealth of Massachusetts. 

tExpense to Commonwealth of Massachusetts for financing loan (to be assessed to cities and towns 
pro rata to their original contributions). 

REPAYMENTS 

July, 1922 $517,196.45 

July, 1923 1,114,557.82 

July, 1925 20,581.33 

July, 1926 22,304.46 

Total repayments $1,674,640.06 

*Credit. 



35 



RESERVE FUND 
Balance January 1, 1926 $637,799 95 

Excess of Cost of Service over Receipts 

February $185,989 66 

June 1,662 18 

July 393,028 41 

August 451,54,6 79 

September 236,543 80 

$1,268,770 84 

Excess of Receipts over Cost of Service 

January $223,301 90 

March 161,772 65 

April 77,031 69 

May 57,010 16 

October 2,723 19 

November 29,302 22 

December 234,879 91 

$786,021 72 
Excess for the Year of Cost of Service over Receipts $482,749 12 

$155,050 83 
Amount Refunded to Commonwealth of Mass. July 1, 1926 .... 22,304 46 

$132,746 37 
Profit and Loss Items, Cr 28,594 36 

Balance— December 31, 1926 $161,340 73 



BOSTON ELEVATED RAILWAY COMPANY, TRUSTEE 

Statement of Special Trust Fund, December 31, 1926 

Principal of Trust Fund as established . $1,500,000 00 

Accretions and accumulations to December 31, 1926 633,495 86 



Total Special Trust Fund . $2,133,495 86 

Income from June 10, 1922, to December 31, 1926 . $438,8 85 
Less amount paid on account of retirement of 
Second Preferred Stock, as follows: 
718£ shares purchased July, 1923 $72,193 40 
919 shares purchased July, 1924 90,319 68 
1,116 shares purchased July, 1925 111,685 37 
1,030 shares purchased July, 1926 108,647 00 

$382,845 <*5 

$55,981 40 



Investments $2,125,340 34 

Cash on Deposit $64,136 92 



Connects with cars of .5* 
Middleaax&Boston 5tRy.fl 



Connects with 
Middlesex & Boston StRy. 



&7 

/ 
« 



NORTHAMPJJ 






ForestA-Hills 
Forest ^Fwills 

V-i 



* * 



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LOWER 



.^gJii*^!onnecis wiU\ 
tast'n Ma55.St.Ry 



Pa R1C WVE^^jj^^fConnect with 

-<^J E«ttrn MassSt.Ry 



lAW-* 



O* 4 




(DOUBl 
SlNGLf 

7rt. (Elevated 1 
7lINES(_SubwayS 1 *o Tunnels i i 

CarHojses □ Power Stations Hr Steam r.h. 



Boston Elevated Ry 

1927 

Copyright by Walter I.Mather, Boston 



Sub Power Station© 
garages 



B. h. Grimes Printing Co., 368 Congress St., Boston 






Annual Report 



OF THE 



PUBLIC TRUSTEES OF THE BOSTON 
ELEVATED RAILWAY 



FOR THE 



Year Ending December 31, 1927 



Annual Report 



OF THE 



PUBLIC TRUSTEES OF THE BOSTON 
ELEVATED RAILWAY 



FOR THE 

Year Ending December 31, 1927 



BOARD OF TRUSTEES 

(Appointed by the Governor of Massachusetts, pursuant to 
Chapter 159 of the Special Acts of 1918.) 

SAMUEL L. POWERS, Chairman 
WINTHROP COFFIN J. FRANK O'HARE 

STANLEY R. MILLER EDWARD E. WHITING 



OFFICERS 

(Appointed by the Trustees.) 

EDWARD DANA General Manager 

HENRY L. WILSON Treasurer 

JOHN H. MORAN General Auditor 

H. WARE BARNUM General Counsel 

RUSSELL A. SEARS General Claims Attorney 



TABLE OF CONTENTS 
OF THIS REPORT 



Financial summary of operation 

Repayments to cities and towns 

Traffic summary for the year 

Receipts and expenditures 

Traffic statistics .... 

Comparative passenger statistics — revenue passengers carried 

Operating changes and betterments 

Passenger cars and buses owned 

Power statistics 

Capital invested in betterments and its sources 
General organization, Boston Elevated Railway 
Public accountants' certification 

General balance sheet 

Income statement 

Operating expense accounts .... 
Allocation of cost of service per passenger — with diagram 
Expenditures on road and equipment .... 

Revenue-passengers carried 

Revenue-mileage 

Investment for road owned and leased by Boston Elevated Railway 
Investment, passenger revenue and gross income, 1897 to date 
Ratio of maintenance and depreciation to gross earnings 

Distribution of taxes paid in 1927 

Outstanding capital stock, December 31, 1927 

Outstanding funded debt, December 31, 1927 

History of the 1919 loan assessment on cities and towns 

Reserve fund 

Special trust fund 



Page 

5 
5 
5 
6 
7 
7 
8 
9 

10 

10, 11 

12 

13 

14-17 

18, 19 

20, 21 

22 

23 

24, 25 

26, 27- 

28 

29 

30 

31 

32 

33 

34 

35 

36 



REPORT OF THE BOARD OF PUBLIC TRUSTEES OF THE 
BOSTON ELEVATED RAILWAY 



The Public Trustees of the Boston Elevated Railway respectfully sub- 
mit their ninth annual report. 

The ninth full year of public operation closed on June 30, 1927 with a 
balance of receipts over cost of service of $60,660.25 which amount was re- 
paid to the Commonwealth and distributed to the cities and towns served by 
the railway. 

There has been, therefore, during the nine years of public control only 
one year — the first year — in which receipts failed to meet the cost of service. 
The deficit in that year amounted to $4,980,151.67, of which $1,000,000 was 
taken from the Reserve Fund, and the Balance — $3,980,151.67 — in accord- 
ance with Section 14, Chapter 159, Special Acts of 1918, was assessed on cities 
and towns served by the railway. 

The repayments have been as follows: 

1922 $ 517,196.45 



1923 
1925 
1926 
1927 



Total 



1,114,557.82 
20,581.33 
22,304.46 
60,660.25 

1,735,300.31 



There is every indication that the tenth year of public control will close 
on June 30, 1928 with receipts greater than cost of service. 

Notwithstanding the fact that wage rates stand at their highest level 
and the six-day week was adopted for employees of the Amalgamated Asso- 
ciation by the agreement of last summer, operating expenses have been re- 
duced to $25,132,332.81, as compared with $26,076,268.11 during 1926. 

Without an earnest endeavor in multiple directions to secure operating 
efficiency, this favorable showing would not have been attained. 

Traffic on street railways throughout the entire country receded from the 
1926 figures in large measure because of industrial conditions (which are 
quickly reflected in the revenue passengers carried on street railways) and in- 
creased use of private automobiles. Traffic on the Boston Elevated for the 
year was 4,279,493 revenue passengers less than in 1926, but 1,902,622 greater 
than during 1925. This loss averaged greater on Saturdays and Sundays than 
on weekdays. 

It is apparent that any substantial additional burdens cannot reason- 
ably be assumed within the limits of current revenue. 



Receipts and Expenditures 

The following comparative tables present a summary of receipts and ex- 
penditures for the past five calendar years and the allocation of cost of ser- 
vice per revenue passenger for the year ending December 31, 1927 : 

Comparative Division of Receipts and Expenditures for Year Ending Dec. 31. 





1927 


1926 


1925 


1924 


1923 


Total receipts .... 


$35,193,410.03 


$35,481,313.38 


$34,547,379.61 


$34,175,319.61 


$34,096,813.26 


Operating Expenses: 














$16,757,338.49 


$17,697,377.55 


$16,931,549.57 


$17,358,670.49 


$16,224,275.94 


Material and other items 


3,262,789.41 


3,462,091.07 


3,175,981.86 


3,203,378.92 


3,236,805.32 


Injuries and damages . 
(Excluding wages charged 
to this account) 


1,203,518.05 


925,918.61 


666,488.49 


740,025.39 


822,775.24 


Depreciation 


2,824,220.15 


2,841,721.52 


2,496,000.00 


2,496,000.00 


2,004,000.00 


Fuel 


1,084,466.71 


1,149,159.36 


1,135,715.65 


1,424,058.76 


1,842,396.91 


Total operating expenses 


$25,132,332.81 


$26,076,268.11 


$24,405,735.57 


$25,222,133.56 


$24,130,253.41 


Taxes 


1,864,135.90 


1,910,764.61 


1,652,517.57 


1,623,995.65 


1,688.139.91 


Rent of leased roads (including 
dividend rental under Chap- 
ter 159, Acts of 1918) . 


3,152,431.71 


3,162,454.21 


3,169,448.86 


3,175,566.55 


3,185,577.67 


Subway and tunnel rents. 


2,224,087.95 


2,217,000.93 


2,217,470.08 


2,125,593.96 


2,026,936.52 


Interest on bonds and notes . 


2,524,843.23 


2,535,504.81 


2,540,909.21 


2,602,891.00 


2,316,020.54 


Miscellaneous items . 


72,762.94 


62,069.83 


59,104.47 


61,835.29 


70,247.65 


Total cost of service 


$34,970,594.54 


$35,964,062.50 


$34,045,185.76 


$34,812,016.01 


$33,417,181.70 


Loss for year .... 




$482,749.12 




$636,696.40 




Gain for year .... 


$222,815.49 




$502,193.85 




$679,631.56 











Profit and Loss Items not included in above. 



Traffic Statistics, Year Ending December 31 '. 





1927 


1926 


1925 


1924 


Round trips operated 


7,295,371 


7,526,260 


7,185,587 


6,994,749 




$34,000,570.95 


$34,393,953.90 


$33,790,441.73 


$33,419,172.22 


Passenger revenue per car mile (cents) 


59.83* 


59.41* 


60.93* 


59.69* 


Passenger revenue per car hour . 


$5.93 


$5.75 


$5.86 


$5.67 


Passenger revenue mileage .... 


56,827,962t 


57,895,8811 


55,461,094t 


55,988, 679t 


Passenger revenue car hours 


5,735,491 


5,980,267 


5,767,957 


5,894,115 


Revenue passengers carried. 


366,938,908 


371,218,401 


365,036,286 


382,888,848 


Revenue passengers carried per car mile . 


6.457 


6.412 


6.582 


6.838 


Revenue passengers carried per car hour . 


63.98 


62.07 


63.28 


64.96 



flncluding motor bus mileage. 



1923 
1924 
1925 
1926 
1927 



465,382 

890,901 

2,472,456 

4,717,900 

5,562,766 



Comparative Passenger Statistics — Revenue Passengers Carried. 



Year 


Week Day 
Average 


Saturday 
Average 


Sunday 
Average 


Holiday 
Average 


Total for 
Year 


1927 


1,079,087 


1,166,933 


555,326 


661,840 


366,938,908 


1926 ...... 


1,086,544 


1,191,342 


576,701 


666,258 


371,218,401 


1925 


1,066,317 


1,172,871 


577,200 


600,007 


365,036,286* 


1924 


1,109,861 


1,216,132 


630,755 


727,191 


382,888,848* 


1923 


1,109,274 


1,196,301 


652,404 


758,915 


382,149,697* 


1922 


1,030,303 


1,144,320 


617,148 


691,890 


356,593,942* 


1921 


975,745 


1,068,295 


578,860 


696,691 


337,252,080 


1920 


960,737 


1,072,319 


591,063 


703,634 


335,526,561 


1919 


934,918 


1,078,635 


596,182 


706,429 


324,758,685 


1918 


985,384 


1,147,809 


658,902 


775,634 


348,664,700 


1917 . . . . 


1,073,943 


1,249,588 


728,847 


857,902 


381,017,338 


1916 


1,050,038 


1,218,749 


718,804 


832,962 


373,577,908 


1915 


992,283 


1,140,046 


685,726 


846,860 


352,469,586 



♦NOTE — During the years 1922, 1923 and 1924, one passenger making a single journey for which he might 
pay two five-cent fares was counted as two revenue passengers. The substitution in November 1924, of six-cent 
tickets for five-cent cash fares has often resulted in the payment of a ten-cent fare by such a passenger with a conse- 
quent reduction in the company's figures of total revenue passengers carried, though the gross passenger revenue 
for the year 1925, which increased $371,269.51, would indicate substantially the same number of passengers carried 
by the railway in 1925 and 1924. 



Operating Changes and Betterments 

- Seventy-five steel elevated cars, replacing a like number of wooden cars, 
were placed in operation during the year, and 25 additional cars are now on or- 
der. When these are received all of the wooden elevated cars will be retired 

from service. 

■ 

Sixty Cambridge Subway cars for the Dorchester Tunnel were received 
during the year. 

The Dorchester Rapid Transit Extension was opened as far as Fields 
Corner on November 5, 1927. 

There are 10 modern surface cars on order at the present time for service 
in South Boston. 

Twenty semi-convertible cars were remodeled into efficient air operated 
snow plows at reduced cost over what new equipment would cost. As a recult 
75 old type snow plows have been scrapped. 

During the year 12.28 miles of track and special work were rebuilt and 
3.7 miles repaired. The largest track laying job ever undertaken by the Main- 
tenance Department in so short a period of time was accomplished between 
June 5 and November 15, during which period 17,566 feet of track were re- 
built on Highland Avenue, Somerville. 

A shelter and waiting room have been constructed at terminal at Spring 
Street, West Roxbury. 

The subway entrance building at Scollay Square has been removed and a 
smaller entrance provided. Remodelling of the Harvard Square entrance 
building is in progress. 

The Canal Street Station has been thoroughly overhauled and substantial 
changes in the unloading platform for surface cars have been made at the 
Everett Terminal. 

An enlarged bus area has been provided at Kendall Square, Cambridge, 
and a waiting room is now under construction. 

One hundred eighty-three automatic passimeters have been installed 
during the year at subway and elevated stations and are giving satisfactory 
service with substantial savings in operating cost. 

Installation of safety devices on all escalators on the property is practi- 
cally completed. 

On February 4, 1927, through service was inaugurated between Revere 
Beach and Maverick Square, and on May 16, 1927 deluxe bus service was 
placed in operation on Beacon Street on a 25c fare. This service has recently 
been extended to Washington Square, Brookline, and has proved successful. 

In connection with the operation of the Dorchester Rapid Transit Ex- 
tension to Fields Corner, through service under joint agreement with the 
Eastern Massachusetts Street Railway Company was provided between 
Quincy and Fields Corner Station via Neponset. 

There are at present 32 bus lines in operation. During 1927 23,448,819 
revenue passengers were carried upon motor buses. 



Passenger Cars and Buses Owned 



Surface Cars 





1927 


1926 


1918 


Semi-convertible cars 

Serai -convertible cars — one or two-man type. . 

Center entrance cars 

Trailer cars 

One-man cars (Birney type) 

Articulated cars (40' and 50' type) 

Open cars 


394 
461 
396 
220 

24 

77 


416 
461 
396 
220 
29 

105 


453 

100 

174 

1 

177 

1,113 

1,354 


Total surface passenger cars 


1,572 


1,627 


3,372 



Rapid Transit Lines 



Elevated cars, steel 

Cambridge-Dorchester tunnel cars, steel . . . 

East Boston Tunnel cars, steel 

• 


22 
302 
155 

48 


98 

227 

95 

48 


169 

162 
60 


Total rapid transit passenger cars .... 
Total surface and rapid transit cars .... 


527 
2,099 


468 . 
2,095 


391 

3763 



Passenger Motor Buses 



25 Passenger buses 

29 Passenger buses 

31 Passenger buses . . 

61 Passenger buses 


113 

100 

1 


109 

40 

1 




Total buses 


214f 


150* 




i 

Total passenger cars and buses owned .... 


2,313 


2,245 


3,763 



fInaddition,the Boston Elevated Railway was, on December 31, 1927, operating 27 leased buses. 
*In addition, the Boston Elevated Railway was, on December 31, 1926, operating 80 leased buses. 
Note: 25 elevated cars are on order. 10 No. 5 semi-convertible cars are on order. 



10 

Power 

The favorable power showing of a year ago has continued. 

An automatic substation at Dickens Street, Dorchester, was placed in 
operation upon the opening of the Dorchester Tunnel. 

The two 2075 H. P. boilers under construction in 1926 were placed in 
operation on April 22, 1927 and December 2, 1927 respectively. 

During the year 1927 there were generated at the South Boston Power 
Station 248,480,500 K.W. hours, which represents 91% of the total power 
generated. This operation was produced at an operating cost of .00489 per 
K.W.H. and a total cost including interest, taxes and depreciation, of .0082623 
per K.W.H. 

Comparative Power Statistics 





1927 


1926 


1925 


1924 


1923 


1922 


1921 


Tons of coal burned . 


209,815 


230,759 


217,414 


240,493 


260,032 


273,441 


215,870 


Pounds of coal per kilo- 
watt hour . . . 


1.932 


2.011 


1.973 


2.068 


2.264 


2.553 


2.174 


Average price of coal 
per long ton 


$4.91 


$4.98 


$5.22 


$5,921 


$7,085 


$6,777 


$7.71 


Net cost of power for car 
service per kilowatt 
hour (cents) 


0.987 


0.982 


1.021 


1.093 


1.227 


1.414 


1.172 


Net cost of power per 
total revenue car mile 
(cents) 


4.307 


4.401 


4.428 


4.833 


5.468 


6.153 


4.815 


Direct current annual 
output (kilowatts) 


243,290,850 


257,045,625 


246,835,300 


260,401,225 


257,270,357 


239,905,874 


222,461,060 


Direct current maximum 
hour output (kilo- 
watts) 


85,870 


85,900 


. 85,660 


86,245 


82,965 


78,755 


75,905 



Capital 

There have been expended by the Trustees between July 1, 1918 and 
December 31, 1927, approximately $38,375,000.00 upon road and equipment, 
either for entirely new property or for replacement of worn-out property. 
This amount has been expended providing facilities necessary for the efficient 
and economic operation of this railway, as follows: 

Cars and motor buses $18,779,000.00 

Car houses, shops and garages 6,288,000.00 

Power houses and transmission of electricity . ., . . 4,587,000.00 

Surface lines (track and line betterment) 5,350,000.00 

Elevated structures and appurtenances 2,128,000.00 

Miscellaneous improvements 1,243,000.00 

Total $38,375,000.00 



11 

When added to the total of $3,434,000.00, which had been expended upon 
road and equipment in excess of any capital issues at the time the Trustees 
took charge of the railway property on July 1, 1918, it made a total to be pro- 
vided for during the first nine and one-half years of Public Control of approxi- 
mately $42,000,000.00. 

The money to provide for such betterments came from the following 
sources : 

Part of the proceeds from the sale of Preferred Stock which the stockholders 
were compelled to subscribe before the Public Control Act could take 
effect $2,000,000.00 

Proceeds from the sale of the Cambridge Subway to the Commonwealth. . 7,868,000.00 

Available from the depreciation charge July 1, 1918 to December 31, 1927 . 21,680,000.00 

Approximate amount received in settlement of fire insurance losses . . 1,000,000.00 

The approximate cash proceeds resulting from the sale of real estate properties 1,850,000.00 

Additional bonds issued against the Preferred Stock which was sold under 

provisions of the Public Control Act 3,000,000.00 

Additional B. E. Bonds Issued February 1, 1927 1,926,000.00 

Capital Provided to December 31, 1927 $39,324,000.00 

Capital expenditures for the year 1927 amounted to $3,554,045.33. The 
depreciation charge during the year provided $2,824,220.15 toward capital 
expenditures. 

Rolling stock, including the 75 steel elevated cars and the 60 Cambridge 
Subway cars, accounted for $2,690,740.01. 

Power plant betterments required $442,338.70, and Way and Structure 
including new track betterments, accounted for $413,455.05. 

A statement is appended showing these capital expenditures by account 
numbers. 

SAMUEL L. POWERS 
* WINTHROP COFFIN 
STANLEY R. MILLER 
J. FRANK O'HARE 
EDWARD E. WHITING 



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13 



Patterson, Teele & Dennis 
Accountants and Auditors 

1 Federal Street, Boston, January 30, 1928. 

Mr. Samuel L. Powers, Chairman, 
Mr. Winthrop Coffin, 
Mr. Stanley R. Miller, 
Mr. J. Frank O'Hare, 
Mr. Edward E. Whiting, 

Trustees 
Boston Elevated Railway, 
Boston, Massachusetts. 

Sirs: 

We have examined the accounts of the Boston Elevated Railway for the 
year ending December 31, 1927, and we report upon the railway's financial 
statements for the year, presented herewith, as follows: 

Road and equipment are shown at book values. In our opinion, adequate 
provision for depreciation has been made for the year under review, in pursu- 
ance of the plan for depreciation reserves followed by the Public Trustees 
from July 1, 1918. 

The securities owned by the Railway were produced for our inspection 
and are carried at cost values, which, in the aggregate, are less than the total 
market values. We have verified the current assets as shown by the books, and 
have satisfied ourselves that the liabilities are correctly stated. 

WE HEREBY CERTIFY that, subject to the foregoing comments, the 
accompanying balance sheet is in accordance with the books and correctly 
states the financial condition of the Boston Elevated Railway at December 
31, 1927; and that, in our opinion, the operating results for the year 1927 are 
fairly presented in the accompanying income statement. 

Respectfully submitted, 

(Signed) PATTERSON, TEELE & DENNIS, 

Accountants and Auditors. 



14 



General Balance Sheet 



Debits 



Investments 
Road and Equipment: 

Way and structures 

Equipment 

Power 

General and Miscellaneous 

Total Road and Equipment 

Miscellaneous Physical Property 

Other Investments: 

Stocks 

Notes 

Advances, Road and Equipment: 

Eastern Massachusetts Street Railway Company . 

Total Other Investments 

Total Investments 



Dec. 31, 1927 



$62,548,575.62 

29,537,946.20 

18,669,591.17 

1,901,378.17 



$112,657,491.16 

$58,889.12 

$2,501.00 
75,900.0p 

112,568.74 



$190,969.74 
$112,907,350.02 



Dec. 31, 1926 



$62,135,120.57 

26,847,206.19 

18,227,252.47 

1,893,866.60 



$109,103,445.83 

$58,889.12 

$2,501.00 
91,000.00 

131,265.73 



$224,766.73 
$109,387,101.68 



Dec. 31, 1925 



$61,591,019.11 

25,485,197.59 

17,665,559.02 

1,902,597.66 



$106,644,373.38 

$58,889.12 

$2,552.50 
229,700.00 

119,283.19 



$351,535.69 
$107,054,798.19 



15 
General Balance Sheet 



Credits 



Dec. 31, 1927 



Dec. 31, 1926 



Dec. 31, 1925 



Stock 



Capital stock: 

First preferred stock. 
Second preferred stock 
Preferred stock . 
Common stock . 



Total capital stock 
Premium on capital stock: 
Second preferred stock 
Common stock . 



Total premium on capital stock .... 

Total stock 

Long Term Debt 
Funded Debt Unmatured: 

Miscellaneous obligations: 

6J% 5-yr. W. E. St. Ry. Co. bonds, due Feb. 1, 1927 
6% 5-yr. W. E. St. Ry. Co. bonds, due May 1, 1927 

4i% 20-yr. W. E. St. Ry. Co. bonds, due July 1, 1930 
4% 30-yr. W. E. St. Ry. Co. bonds, due Aug. 1, 1932 
5% 20-yr. W. E. St. Ry. Co. bonds, due Nov. 1, 1932 
6% 10-yr. Boston Elev. Ry. Bonds, due June 1, 1933 
6% 10-yr. Boston Elev. Ry. Bonds, due Mar. 1, 1934 

oh% 10-yr. Boston Elev. Ry. Bonds, due Aug. 1, 1934 
4% 30-yr. Boston Elev. Ry. Bonds, due May 1, 1935 
5% 20-yr. W. E. St. Ry. Co. Bonds, due May 1, 1936 
5% 30-yr. Boston Elev. Ry. Bonds, due Feb. 1, 1937 

4|% 30-yr. Boston Elev. Ry. Bonds, due Oct. 1, 1937 

4*% 30-yr. Boston Elev. Ry. bonds, due Nov. 1, 1941 
5% 30-yr. Boston Elev. Ry. bonds, due Dec. 1, 1942 
5% 30-yr. W. E. St. Ry. Co. bonds, due Mar. 1, 1944 
7% 30-yr. W. E. St. Ry. Co. Bonds, due Sept. 1, 1947 



Total bonds 
Mortgage notes 



Total funded debt unmatured 
Total long-term debt 



$6,400,000.00 

13,549,450.00 

3,000,000.00 

23,879,400.00 



$6,400,000.00 

13,651,500.00 

3,000,000.00 

23,879,400.00 



$6,400,000.00 

13,754,500.00 

3,000,000.00 

23,879,400.00 



$46,828,850.00 

2,232,477.02 
2,707,428.13 



$46,930,900.00 

2,232,477.02 
2,707,428.13 



$47,033,900.00 

2,232,477.02 
2,707,428.13 



$4,939,905.15 

$51,768,755.15 



$4,939,905.15 
$51,870,805.15 



$4,939,905.15 
$51,973,805.15. 



1,604,000.00 
5,709,000.00 

600,000.00 
3,000,000.00 
2,098,000.00 
1,581,000.00 
8,500,000.00 

815,000.00 
6,511,000.00 
4,800,000.00 
5,000,000.00 
8,286,000.00 
2,600,000.00 

570,000.00 



2,700,000.00 
1,956,000.00 
1,604,000.00 
5,709,000.00 

600,000.00 
3,000.000.00 
2,098,000.00 
1,581,000.00 
8,500,000.00 

815,000.00 



4,800,000.00 
5,000,000.00 
8,286,000.00 
2,600,000.00 
570,000.00 



2,700,000.00 
1,956,000.00 
1,604,000.00 
5,709,000.00 

600,000.00 

3,000,000.00 

2,098,000.000 

1,581,000.00 

8,500,00.00 

815,000.00 

4,800,000.00 

5,000,000.00 

8,286,000.00 

2,600,00.00 

570,000.00 



$51,674,000.00 

125,000.00 



$49,819,000.00 

125,000.00 



$49,819,000.00* 

125 000. 00" 



$51,799,000.00 
$51,799,000.00 



$49,944,000.00 
$49,944,000.00 



$49,944,000.00 
$49,944,000.00 



16 



General Balance Sheet — ■ Concluded 



Debits 

Current Assets ^ 

Cash 

Special Deposits: 

Interest, Dividends and Rents Unpaid .... 

Reserve Fund, Chap. 159, Spec. Acts 1918 .... 

Funds Available for Capital Expenditures only . 

Total Special Deposits 

Miscellaneous Accounts Receivable 

Material and Supplies 

Interest, Dividends and Rents Receivable .... 
Other Current Assets 

Total Current Assets 

Deferred Assets 
Insurance and Other Funds 

Total Deferred Assets 

Unadjusted Debits 

Rents and Insurance Premiums Paid in Advance . 

Discount on Funded Debt 

Other Unadjusted Debits: 

Cost of Service Deficit for twelve months ending June 30, 
1919, as provided for by Commonwealth of Massachu- 
setts, Chap. 159, Special Acts of 1918 .... 

Other Unadjusted Debits 

Total Other Unadjusted Debits 

Total Unadjusted Debits 



Total Debits 



Dec. 31, 1927 



$791,459.49 

$789,239.75 

204,664.57 

32,000.00 



$1,025,904.32 

294,770.51 

2,145,429.39 

3,036.69 

39,774.13 



$4,300,374.53 



2,936,045.86 



$2,936,045.86 

$10,530.56 
462,891.40 



2,244,851.36 
160,471.06 



$2,405,322.42 
$2,878,744.38 



$123,022,514.79 



Dec. 31, 1926 



$982,464.80 

$791,435.63 

34,000.00 



$825,435.63 

255,394.50 

2,098,290.81 

4,755.44 

40,120.56 



$4,206,461.74 



2,936,045.86 



$2,936,045.86 

$119,702.80 
441,800.19 



2,305,511.61 
299,097.81 



$2,604,609.42 
$3,166,112.41 



$119,695,721.69 



Dec. 31, 1925 



$750,385.29 

$792,860.50 

369,133.12 

37,000.00 



$1,198,993.62 

200,313.99 

2,272,808.12 

17,147.70 

39,232.11 



$4,478,880.83 



2,936.045.86 



$2,936,045,86 

$181,558.40 
482,395.35 



2,327,81(i.07 
73,330.68 



$2,401,146.75 
$3,065,100.50 



$117,534,825.38 



17 



General Balance Sheet — Concluded 



Credits 



Current Liabilities 

Loans and notes payable 

Audited accounts and wages payable 

Matured interest, dividends and rents unpaid. 
Accured interest, dividends and rents payable: 

Accrued interest on funded debt 

Accrued rents, leased roads, other companies 

Accrued rents, subways and tunnels 

Accrued rents, leased roads, B. E Ry. Co., dividend rental 

Total accrued interest, dividends and rents payable . 

Total current liabilities 

Deferred Liabilities 
( itlur deferred liabilities 

Total deferred liabilites 

I'nadjusted Credits 

Tax Liability 

Premium on Funded Debt 

Operating reserves: 

Injury and damage reserve 

Total operating reserves 

Accrued depreciation — road and equipment .... 

Other unadjusted credits: 

Outstanding tickets and checks 

Amount advanced by Commonwealth of Massachusetts 
under Chapter 159, Special Acts of 1918, account deficit 
in Cost of Service for 12 months ending June 30, 1919 

Other unadjusted credits 

Total other unadjusted credits 

Total unadjusted credits 

Corporate Surplus 

Miscellaneous fund reserves 

Profit and loss — period to June 30, 1918 .... 

Profit and loss — period since July 1, 1918 .... 

Profit and loss — arising out of consolidation with West End 
St. Ry. Co., June 10, 1922 

Total corporate surplus 

Total credits 

♦Debit. 



Dec. 31, 1927 



$2,800,000.00 
527,544.27 
790,445.25 

$578,853.76 

6,620.54 

93,693.34 

237,115.38 



$916,283.02 
$5,034,272.54 

37,797.60 



$37,797.60 

$721,841.58 
185,118.14 

1,190,758.93 



$1,190,758.93 
$9,962,749.29 

173,719.80 

2,244,851.36 
10.00 



$2,418,581.16 
$14,479,049.10 

$250,501.68 

65,730.33* 

522,164.66* 

241,033.71 



$96,359.60* 
$123,022,514.79 



Dec. 31, 1926 



$3,100,000.00 
903,485.99 
792,641.13 

$533,080.43 

6,621.74 

92,790.00 

238,901.25 



$871,393.42 
$5,667,520.54 

36,842.96 



$36,842.96 

$712,112.36 
210,296.06 

940,187.54 



$940,187.54 

$8,197,485.10 

164,159.23 
2,305,511.61 



$2,469,670.84 
$12,529,751.90 

$412,207.03 
65,730.33* 

838,659.27* 

138,983.71 



$353,198.86* 
$119,695,721.69 



Dec. 31, 1925 



$2,800,000.00 
846,324.89 
794,066.00 

$533,080.43 

6,618.34 

91,941.66 

240,703.75 



$872,344.18 
$5,312,735.07 

38,680.22 



$38,680.22 

$633,630.64 
238,709.90 

784,353.97 



$784,353.97 
$6,122,962.98 

148,249.90 

2,327,816.07 



$2,476,065.97 
$10,255,723.46 

$412,207.03 

76,109.21* 

362,200.05* 

35,983.71 



$9,881.48 
$117,534,825.38 



18 



Income Statement 



Operating Income 



Twelve 
Months ending 
Dec. 31, 1927 



Twelve Twelve 

Months Ending Months ending 

Dec. 31, 1926 Dec. 31, 1925 



Passenger car re/enue 

Passenger motor bus revenue 

Special car and special bus revenue 

Mail revenue 

Express revenue 

Miscellaneous transportation revenue .... 

Total revenue from transportation 

Station and car privileges 

Rent of tracks and facilities 

Rent of equipment 

Rent of buildings and other property .... 

Power "... 

Miscellaneous 

Total revenue from other railway operations 
Total railway operating revenues .... 
Railway operating expenses: 

Way and structures 

Equipment 

Power 

Conducting transportation 

Traffic 

General and miscellaneous 

Transportation for investment 

Total railway operating expenses .... 

Per cent, of operating expenses to operating revenues . 

Per cent, of operating expenses to operating and non-operating 
income 

Net revenue, railway operations 

Taxes assignable to railway operations .... 
Operating income 

* Credit 



$32,051,613.69 

1,911,751.34 

37,205.92 

175.00 

323.93 

1,619.68 



$32,812,766.72 

1,548,592.44 

32,594.74 

175.00 

18,329.15 

2,850.59 



$32,906,220.11 

853,706.68 

30,514.94 

176.73 

38,205.06 

4,363.29 



$34,002,689.56 

$771,545.58 
78,725.78 
26,139.80 
67,397.44 
112,397.37 
36,980.46 



$34,415,308.64 

$655,285.80 

82,488.94 

3,903.80 

82,486.12 

102,537.10 

29,319.17 



$33,833,186.81 
$338,345.05 
55,868.81 
3,823.57 
94,518.75 
78,092.47 
28,462.34 



$1,093,186.43 
$35,095,875.99 

3,764,085.68 

4,269,726.67 

2,515,296.68 

11,436,059.68 

31,862.88 

3,122,603.99 

* 7,302.77 



$956,020.93 
$35,371,329.57 

4,222,526.23 

4,423,585.92 

2,641,775.33 

11,924,517.74 

6,139.22 

2,873,978.17 

* 16,254.50 



$599,110.99 
$34,432,297.80 

3,766,615.55 

3,900,956.41 

2,536,129.09 

11,567,233.19 

3,239.51 

2,656,275.42 

* 24,713.60 



$25,132,332.81 

71.61 

71.41 



$26,076,268.11 

73.72 

73.49 



$24,405,735.57 

70.88 

70.64 



$9,963,543.18 
$1,864,135.90 
$8,099,407.28 



$9,295,061.46 
$1,910,764.61 

$7,384,296.85 



$10,026,562.23 
$1,652,517.57 
$8,374,044.66 



19 



Income Statement — Concluded 



Twelve 
Months ending 
Dec. 31, 1927 



Twelve 
Months ending 
Dec. 31, 1926 



Twelve 

Months ending 

Dec. 31, 1925 



Non-Operating Income 

Income from lease of road 

Net income from miscellaneous physical property 

Dividend income 

Income from funded securities 
Income from unfunded securities and accounts 
Income from sinking fund and other reserves . 
Release of premiums on funded debt 
Miscellaneous income 

Total non-operating income . 

Gross income 



40.62 



4,268.17 
34,022.36 
33,280.00 
25,177.92 

785.59 



1.75 
10,298.45 
36,806.41 
33,280.00 
28,413.84 
1,142.74 



50.00 

486.71 

3.50 

11,286.54 

39,583.34 

33,280.00 

28,413.84 

1,977.88 



$97,534.04 
$8,196,941.32 



$109,983.81 
$7,494,280.66 



$115,081.81 
$8,489,126.47 



Deductions from Gross Income 
Rent for leased roads: 

Boston Elevated Railway Co. — dividend rental 

Other roads 

Total rent for leased roads 

Miscellaneous rents 

Net loss on miscellaneous physical property . 

Interest on funded debt 

Interest on unfunded debt 

Amortization of discount on funded debt 

Miscellaneous debits 

Total deductions from gross income 
Balance after cost of service . 



3,102,512.38 
49,919.33 



3,112,605.50 
49,848.71 



3,119,532.00 
49,916.86 



$3,152,431.71 

2,224,087.95 
8,876.51 

2,464,865.83 
59,977.40 
46,822.95 
17,063.48 



$3,162,454.21 

2,217,000.93 

3,779.51 

2,422,935.00 

112,569.81 

40,595.16 

17,695.16 



$3,169,448.86 

2,217,470.08 

2,422,935.00 

117,974.21 

40,595.16 

18,509.31 



$7,974,125.83 
$222,815.49 



$7,977,029.78 
* $482,749.12 



$7,986,932.62 
$502,193.85 



* Debit 



20 



Operating Expense Accounts 



Way and Structures 



1927 



1926 



1925 



Superintendence of way and structures . 
Maintenance of track and roadway . 

Removal of snow and ice 

Roadway structures 

Signal and telephone and telegraph lines . 
Other miscellaneous way expenses 
Maintenance of electric line equipment . 
Maintenance of buildings, fixtures and grounds 
Depreciation of way and structures . 
Total way and structures 

Equipment 
Superintendence of equipment .... 
Maintenance of cars and motor buses 
Maintenance of electrical equipment of cars 

Shop expenses 

Miscellaneous equipment 

Depreciation of equipment 

Total equipment 



Power 

Superintendence of power 

Maintenance of power plants 

Depreciation of power plant buildings and equipment 

Operation of power plants 

Gasoline for motor buses 

Total power 



$303,905.83 

1,489,378.09 

154,855.81 

134,119.10 

44,999.83 

9,453.72 

215,937.90 

413,035.40 

998,400.00 



$315,904.35 

1,563,886.79 

484,165.12 

134,325.06 

51,306.27 

17,751.08 

278,423.82 

403,323.74 

973,440.00 



$300,059.42 

1,674,982.97 

102,010.21 

139,971.48 

45,461.53 

28,500.39 

268,596.39 

408,313.16 

798,720.00 



$3,764,085.68 



$167,826.19 

1,826,612.25 

499,414.17 

275,831.75 

98,542.16 

1,401,500.15 



$4,222,526.23 



$170,097.64 

1,882,658.47 

568,469.62 

336,538.18 

96,740.49 

1,369,081.52 



$3,766,615.55 



$166,114.08 

1,636,119.80 

548,260.30 

305,027.05 

97,275.18 

1,148,160.00 



$4,269,726.67 



$102,989.93 
319,280.67 
424,320.00 

1,505,440.65 
163,265.43 



$4,423,585.92 



$104,869.92 

300,645.15 

499,200.00 

1,574,656.26 

162,404.00 



$3,900,956.41 



$109,674.73 
252,174.07 
549,120.00 

1,548,595.80 
76,564.49 



$2,515,296.68 



$2,641,775.33 



$2,536,129.09 



21 



Operating Expense Accounts — Concluded 



Conducting Transportation 



1927 



1926 



1925 



Superintendence of transportation 

Passenger conductors, motormen, trainmen and bus operators 
Freight conductors, motormen and trainmen 
Miscellaneous car and bus service employees . 
Miscellaneous car and bus service expenses 

Station employees 

Station expenses 

Car house and bus garage employees .... 
Car house and bus garage expenses ... . . 
Operation of signal and telephone and telegraph lines . 
Other transportation expenses 

Total conducting transportation .... 
Traffic 

Traffic 

General and Miscellaneous 
Salaries and expenses of general officers and clerks . 
General office supplies and expenses . . ... 

Law expenses 

Relief department expenses, pensions and gratuities . 

Miscellaneous general expenses 

Injuries and damages 

Insurance . . 

Stationery and Printing 

Store, garage and stable expenses 

Rent of tracks and facilities 

Rent of Equipment 



Total general and miscellaneous 

Transportation for Investment 
Total operating expenses 



$1,346,699.40 

7,065,596.01 

104.38 

255,557.12 

219,989.70 

684,839.97 

307,104.02 

948,648.18 

88,269.40 

282,499.62 

236,751.88 



$1,317,190.37 

7,461,960.76 

5,136.58 

267,078.76 

200,526.45 

799,755.11 

311,021.50 

1,008,023.07 

76,228.78 

281,253.91 

196,342.45 



$1,260,224.22 

7,264,108.43 

12,090.14 

283,360.41 

124,853.23 

816,813.28 

295,135.19 

990,106.64 

61,887.89 

268,245.54 

190,410.22 



$11,436,059.68 

$31,862.88 

$463,791.66 

122,196.45 

44,836.32 

233,026.96 

147,356.07 

1,391,017.72 

256,161.44 

91,776.97 

340,961.51 

23,730.09 

7,748.80 



$3,122,603.99 

* $7,302.77 

$25,132,332.81 



$11,924,517.74 

$6,139.22 

$470,273.98 

128,058.32 

45,734.60 

205,745.05 

126,979.49 

1,107,063.84 

262,944.11 

95,839.21 

384,545.60 

39,331.75 

7,462.22 



$2,873,978.17 

* $16,254.50 

$26,076,268.11 



$11,567,233.19 

$3,239.51 

$447,342.98 
157,752.22 

67,139.30 
180,028.88 
118,702.10 
846,235.82 
271,968.79 

83,259.55 
384,051.76 

22,193.65 

77,600.37 



$2,656,275.42 

* $24,713.60 

$24,405,735.57 



* Credit 



22 



Boston E levated Railvw 

Allocation of Cost ofService 

per Passenger 

12 Months Ended December 3 1,1 92 7 

AverageReceipts per Revenue Passenger 9.591 * 

Cost of Service 3.530 ^perRevenuePassenger 

DIVIDED AS FOLLOWS 




23 



Road and Equipment 









Net Change 






Account 


Total 


During Year 


Total 




Dec. 31, 1926 


Ended 


Dec. 31, 1927 








Dec. 31, 1927 






Way and Structures 








A/c 501 


Engineering and superintendence 


$1,772,053.15 


$173.61 


$1,771,879.54 


502 


Right of way .... 








11,435,768.89 


10,688.34 


11,446,457.23 


50.3 


Other land 








6,113,301.56 


99,162.98 


6,212,464.54 


504 


Grading 








246,786.99 


5,419.95 


252,206.94 


505 


Ballast 








738,985.59 


11,153.49 


750,139.08 


506 


Ties 








1,013,068.90 


10,134.21 


1,023,203.11 


507 


Rails, rail fastenings and joints 








2,894,834.76 


2,295.79 


2,892,538.97 


508 


Special work .... 








4,495,572.54 


11,762.48 


4,507,335.02 


510 


Track and roadway labor . 








4,279,519.04 


49,389.51 


4,328,908.55 


511 


Paving 








1,530,475.65 


61,513.97 


1,591,989.62 


512 


Roadway machinery and tools . 








226,783.98 


25,135.23 


251,919.21 


513 


Tunnels and subways 








319,846.38 


1,065.90 


320,912.28 


514 


Elevated structures and foundations 








5,731,567.81 


3,375.35 


5,734,943.16 


515 


Bridges, trestles and culverts 








1,937,559.56 


22,529.48 


1,915,030.08 


516 


Crossings, fences and signs 








139,398.55 


15,250.34 


124,148.21 


517 


Signals and interlocking apparatus 








1,134,357.98 


24,639.27 


1,109,718.71 


518 


Telephone and telegraph lines 








60,231.32 


39,297.45 


99,528.77 


519 


Poles and fixtures 








702,293.72 


19,740.37 


682,553.35 


520 


Underground conduit 








1,794,548.20 


3,449.62 


1,797,997.82 


521 


Distribution system 








4,071,394.78 


19,878.77 


4,091,273.55 


523 


Shops, car houses and garages . 








7,278,177.19 


11,266.40 


7,289,443.59 


524 


Stations, misc. buildings and structures 






3,9S0,292.83 


135,390.26 


4,121,683.09 


525 


Wharves and docks .... 






232,301.20 




232,301.20 




Total way and structures .... 








$62,135,120.57 


$413,455.05 


$62,548,575.62 




Equipment 








A/c 530 


Passenger cars and buses 


$16,325,134.62 


$1,971,008.78 


$18,296,143.40 


532 


Service equipment .... 






995,533.47 


119,917.56 


1,115,451.03 


533 


Electric Equipment of cars 






8,303,383.26 


492,227.23 


8,795,610.49 


536 


Shop equipment .... 






654,664.61 


16,573.28 


671,237.89 


537 


Furniture, fare boxes and passimeters 






97,839.34 


65,540.90 


163,380.24 


538 


Miscellaneous equipment . 




470,650.89 


25,472.26 


496,123.15 




Total equipment 


$26,847,206.19 


$2,690,740.01 


$29,537,946.20 




Power 








A/c 539 


Power plant buildings 


$5,821,521.47 


$42,563.68 


$5,864,085.15 


540 


Sub station buildings . 








479,531.54 




479,531.54 


542 


Power plant equipment 








9,099,531.99 


214,546.90 


9,314,078.89 


543 


Sub station equipment 








1,643,116.27 


106,196.34 


1,749,312.61 


544 


Transmission system 








1,183,551.20 


79,031.78 


1,262,582.98 






$18,227,252.47 


$442,338.70 


$18,669,591.17 




General and Miscellaneous 








A/c 546 


Law expenditures 


$250.00 




$250.00 


547 


Interest during construction 








1,742,016.52 


$8,444.29 


1,750,460.81 


548 


Injuries and damages 








7,500.00 




7,500.00 


549 








161,300.67 


48.35 


161,349.02 


550 










17,200.59 


981.07 


18,181.66 




Total general and miscellaneous 


$1,893,866.60 


$7,511.57 


$1,901,378.17 




Total road and equipment 


$109,103,445.83 


$3,554,045.33 


$112,657,491.16 



Note: — Bold denotes credits. 



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28 



Investment for Road Owned and Leased by Boston Elevated Railway 

December 31, 1927 

Boston Elevated Railway 

Road and equipment $112,657,491.16 

Miscellaneous physical property 58,889.12 

Total Boston Elevated Railway investment . $112,716,380.28 

Leased Lines 

Hyde Park Transportation District 

(City of Boston) $231,099.45 

Eastern Mass. St. Ry. Co. (Part 

T pjjcprl ) 

Old Colony Lines, West Roxbury . $768,328.71 

Boston & Northern Lines, East Bos- 
ton 18,081.95 

Middlesex Fells Line .... 29,546.01 

Expenditures for additions and better 

ments 112,568.74 

Total Eastern Mass. St. Ry. Co. . . . 928,525.41 



Total leased lines $1,159,624.86 

City of Boston Investments — Subways and Tunnels 

Tremont Subway $4,382,629.04 

East Boston Tunnel 7,168,349.76 

East Boston Tunnel Extension 2,334,494.83 

Boylston Subway 6,468,011.63 

Beacon Hill Tunnel — Cambridge Connection . . 1,643,116.56 

Washington Tunnel 7,943,784.43 

Dorchester Tunnel 12,120,992.52 

Total City of Boston investment . . . $42,061,378.77 

Commonwealth of Mass. Investment — Subways 
and Tunnels 

Cambridge— Main St. Subway $7,964,000.00 

Total Commonwealth of Massachusetts invest- 
ment $7,964,000.00 



TOTAL INVESTMENT FOR ROAD OWNED AND LEASED . . $163,901,383.91 



29 



Investment, Passenger Revenue and Gross Income 1897 to Date 



Year Ended 



Sept. 30, 1897 
Sept. 30, 1898 
Sept. 30, 1899 
Sept. 30, 1900 
Sept. 30, 1901 
Sept. 30, 1902 
Sept. 30, 1903 
Sept. 30, 1904 
Sept. 30, 1905 
Sept. 30, 1906 
Sept. 30, 1907 
Sept. 30, 1908 
Sept. 30, 1909 
June 30, 1911 
June 30, 1912 
June 30, 1913 
June 30, 1914 
June 30, 1915 
June 30, 1916 
Dec. 31, 1917 
Dec. 31, 1918 
Dec. 31, 1919 
Dec. 31, 1920 
Dec. 31, 1921 
Dec. 31, 1922 
Dec. 31, 1923 
Dec. 31, 1924 
Dec. 31, 1925 
Dec. 31, 1926 
Dec. 31, 1927 



Investment 



$25,291,913.22 

31,251,811.90 

33,187,250.79 

37,793,501.62 

44,087,939.53 

46,466,591.31 

48,398,610.91 

51,886,524.39 

57,187,809.61 

59,873,910.46 

65,979,896.07 

70,957,716.76 

81,592,634.49 

92,904,910.27 

101,864,058.69 

105,019,587.59 

106,990,919.12 

113,166,182.04 

117,116,007.58 

121,807,319.67 

134,181,073.47 

138,117,974.50 

139,156,058.00 

141,345,133.42 

143,345,873.68 

149,001,108.85 

155,490,852.91 

156,474,884.41 

159,025,141.62 

163,901,383.91 



Permanent 
Investment 



Per $1 of 
Passenger 
Revenue 



$2.96 
3.48 
3.51 
3.80 
4.17 
4.20 
4.15 
4.30 
4.64 
4.57 
4.87 
5.20 
5.82 
6.10 
6.58 
6.45 
6.24 
6.55 
6.45 
6.40 
6.59 
4.84 
4.20 
4.38 
4.50 
4.48 
4.65 
4.63 
4.62 
4.82 



Per $1 of 

Gross 

Income 



$2.90 
3.38 
3.40 
3.69 
4.06 
4.10 
4.03 
4.13 
4.49 
4.39 
4.71 
5.04 
5.63 
5.81 
6.17 
6.19 
6.02 
6.33 
6.24 
6.15 
6.37 
4.68 
4.09 
4.25 
4.38 
4.37 
4.54 
4.53 
4.48 
4.67 



Passenger 
Revenue 



$8,536,285.83 
8,967,587.56 
9,449,928.89 
9,948,438.78 
10,562,533.45 
11,060,385.40 
11,666,906.60 
12,078,800.39 
12,337,867.16 
13,109,316.03 
13,546,779.20 
13,628,383.20 
14,024,768.39 
15,227,984.08 
15,491,051.71 
16,289,918.96 
17,136,776.63 
17,290,203.30 
18,148,646.75 
19,030,940.62 
20,352,412.11 
28,767,544.11 
33,108,946.48 
32,253,629.59 
31,834,022.77 
33,297,951.50 
33,419,172.22 
33,790,441.73 
34,393,953.90 
34,000,570.95 



Gross 
Income 



$8,719,031.78 
9,257,252.94 
9,756,136.25 
10,236,994.49 
10,869,496.33 
11,321,030.13 
12,019,371.26 
12,436,593.79 
12,741,569.30 
13,634,612.49 
14,011,167.72 
14,074,696.51 
14,493,853.13 
15,980,707.94 
16,522,542.00 
16,968,328.33 
17,785,978.25 
17,886,549.64 
18,781,327.74 
19,818,407.01 
21,062,962.82 
29,498,582.82 
34,031,636.44 
33,277,025.53 
32,699,176.37 
34,096,813.26 
34,175,319.61 
34,547,379.61 
35,481,313.38 
35,193,410.03 



The permanent investment represents the actual money expended for property operated, including subways 
owned by the City of Boston and Commonwealth of Massachusetts. 



30 



Per Cent of Maintenance and Depreciation to Gross Earnings 



Year ending 


Gross Earnings 


Maintenance 
and Depreciation 


Per Cent 


December 31, 1927 


$35,193,410.03 


$8,639,138.59 


24.55 


December 31, 1926 














35,481,313.38 


8,977,312.93 


25.30 


December 31, 1925 














34,547,379.61 


8,381,452.23 


24.26 


December 31, 1924 














34,175,372.73 


8,694,550.21 


25.44 


December 31, 1923 














34,096,813.26 


7,977,110.77 


23.40 


December 31, 1922 














32,699,176.37 


7,524,999.83 


23.01 


December 31, 1921 














33,277,025.53 


7,777,505.22 


23.37 


December 31, 1920 














34,031,636.44 


8,078,269.69 


23.74 


December 31, 1919 














29,498,582.82 


8,650,266.57 


29.32 



Gross earnings, include in addition to car fares collected, receipts from advertising privileges, news stands and 
station privileges, rentals and income from various miscellaneous sources. 



31 



Distribution of Taxes Paid in 1927 



Cities and Towns 



Arlington 

Belmont 

Boston 

Broolcline 

Cambridge 

Chelsea 

Everett 

Maiden 

Medford 

Newton 

Somerville 

Watertown 

Commonwealth of Massachusetts 

United States of America 

Total taxes paid in 1927 . 



Real Estate 

and Personal 

Property Taxes 



$9,599.22 

1.53 

778,146.00 

7,473.90 

105,600.88 

1,102.08 

88,430.56 

3,878.16 

13,392.54 

205.50 

34,966.36 

2,693.25 



$1,045,489.98 



Corporate 

Franchise 

Tax 



$5,154.86 

5,009.99 

168,663.36 

10,539.22 

29,312.98 
2,122.87 

10,157.69 
7,456.57 
8,642.30 
1,239.98 

17,749.58 
6,462.79 
6,418.09 



$278,930.28 



Income 
Tax 



$485,782.36 



$485,782.36 



Total Taxes 



$14,754.08 

5,011.52 

946,809.36 

18,013.12 

134,913.86 

3,224.95 

98,588.25 

11,334.73 

22,034.84 

1,445.48 

52,715.94 

9,156.04 

6,418.09 

485,782.36 



$1,810,202.62 



32 



Outstanding Capital Stock, December 31, 1927 



No. 
Shares 



Par Value 



Net Premium 



Amount 
Realized 



Date of 
Approval by 
Commission 



Yearly 
Dividend 



Dividends 
Payable 



First Preferred Stock 



64.000 



$6,400,000 



$6,400,000.00 



Nov. 11, 1887 



8 %— $512,000.00 {Jj n y \ 



Second Preferred Stock 



800 


$80,000 

464,000 

956,000 

4,000,000 

3,585,000 

454,250 

150,000 

420,000 

1,010,900 

1,390,000 

220,000 

280,000 

435,000 

584,700 




$80,000.00 

464,000.00 

956,000.00 

4,000,000.00 

4,371,934.15 

814,970.87 

269,970.83 

710,506.25 

1,431,293.13 

2,100,385.37 

322,034.38 

370,534.38 

556,892.31 

600,739.50 


Sept. 7, 1887 
Sept. 7, 1887 
Jan. 24, 1889 
Aug. 22, 1889 
June 19, 1891 
Mar. 19, 1903 
July 27, 1904 
Mar. 30, 1907 
Dec. 20, 1907 
Sept. 15, 1910 
Feb. 13, 1913 
Apr. 14, 1914 
Mar. 9, 1915 
Mar. 24, 1917 




4,640 






9,560 






40,000 






35,850 
4,542 £ 
1,500 
4,200 
10,109 
13,900 
2,200 
2,800 
4,350 
5,847 


$786,934.15* 
360,720.87 
119,970.83 
290,506.25 
420,393.13 
710,385.37 
102,034.38 
90,534.38 
121,892.31 
16,039.50 




140,298^ 


$14,029,850 
480,400 


$3,019,411.17 
786,934.15* 


$17,049,261.17 
786,934.15* 




4,804t 


$2,232,477.02 


$16,262,327.02 


7 %— $948,461.50 {£*£ J 


135,494| 


$13,549,450 





Preferred Stock 



30,000 



$3,000,000 



$3,000,000.00 



{sp h e a c P Act's 1918 | 7 %-$2 10,000.00 {j^ y } 



Common Stock 



5,000 


$500,000 
9,500,000 
3,300,000 
6,650,000 
3,929,400 




$500,000.00 
9,500,000.00 
5,115,000.00 
7,345,958.13 
4,125,870.00 


July 26, 1897 
July 6, 1900 
Aug. 22, 1902 
Dec. 18, 1908 
Dec. 6, 1912 




95,000 






33,000 
66,500 
39,294 


$1,815,000.00 
695,958.13 
196,470.00 


(Jan. 1 

6 %— $1,432,764.00 lffi y { 

(Oct. 1 


238,794 


$23,879,400 


$2,707,428.13 


$26,586,828.13 



♦Credited to surplus. Not used for road and equipment purposes. 

fShares Second Preferred Stock retired from income of Special Trust Fund since June 10, 1922. 



33 



Outstanding Funded Debt, December 31, 1927 



Par 

Value 


Rate 


Maturity- 


Net Premium 

or 

Discount 


Amount 
Realized 


Date of 
Approval by 
Commission 


Yearly 
Interest 


Co. 


$3,000,000 


6 % 


June 1, 1933 


*$180,000.00 


$2,820,000.00 


May 10, 1923 


$180,000.00 


B. E. 


2,098,000 


6 % 


Mar. 1 


1934 


24,315.82 


2,122,315.82 


Feb. 15, 1924 


125,880.00 


B. E. 


1,581,000 


5V 2 % 


Aug. 1 


, 1934 


♦5,027.58 


1,575,972.42 


June 19, 1924 


86,955.00 


B. E. 


7,500,000 


4 % 


May 1 


, 1935 


276,900.00 


7,776,900.00 


Apr. 7, 1905 


300,000.00 


B. E. 


1,000,000 


4 % 


May 1 


1935 


*55,000.00 


945,000.00 


June 15, 1907 


40,000.00 


B. E 


1,926,000 


5 % 


Feb. 1 


1937 


♦23,131.26 


1,902,868.74 


Mar. 2, 1925 


96,300.00 


B. E 


2,700,000 


5 % 


Feb. 1 


, 1937 


*32,427.00 


2,667,573.00 


Dec. 9, 1926 


135,000.00 


B. E. 


1,885,000 


5 % 


Feb. 1 


, 1937 


*7,426.90 


1,877,573.10 


Dec. 9, 1926 


94,250.00 


B. E. 


4,800,000 


4H% 


Oct. 1 


1937 


♦29,585.04 


4,770,414.96 


June 15, 1907 


216,000.00 


B. E. 


5,000,000 


4H% 


Nov. 1 


1941 


♦100,000.00 


4,900,000.00 


Oct. 17, 1911 


225,000.0a 


B.E. 


4,000,000 


5 % 


Dec. 1 


1942 


♦80,000.00 


3,920,000.00 


Dec. 6, 1912 


200,000.00 


B. E. 


1,000,000 


5 % 


Dec. 1 


1942 


♦78,940.00 


921,060.00 


May 27, 1914 


50,000.00 


B.E. 


3,286,000 


5 % 


Dec. 1 1942 


♦261,779.76 


3,024,220.24 


Nov. 9, 1915 


164,300.00 


B.E. 


$39,776,000 




850,000 


4H% 


July 1, 1930 


255.00 


850,255.00 


July 2, 1910 


38,250.00 


W. E. 


754,000 


4H% 


July 1 


1930 


28,727.40 


782,727.40 


Apr. 4, 1912 


33,930.00 


W. E. 


3,559,000 


4 % 


Aug. 1 


1932 


72,568.01 


3,631,568.01 


Sept. 18, 1902 


142,360.00 


W. E. 


700,000 


4 % 


Aug. 1 


1932 


33,251.00 


733,251.00 


Dec. 1, 1903 


28,000.00 


W. E. 


750,000 


4 % 


Aug. 1, 


1932 


38,227.50 


788,227.50 


Sept. 1, 1904 


30,000.00 


W. E. 


200,000 


4 % 


Aug. 1 


1932 


11,866.00 


211,866.00 


Feb. 11, 1905 


8,000.00 


W. E. 


500,000 


4 % 


Aug. 1 


1932 


2,290.00 


502,290.00 


Dec. 12, 1906 


20,000.00 


W. E. 


600,000 


5 % 


Nov. 1, 


1932 


24,888.00 


624,888.00 


Feb. 13, 1913 


30,000.00 


W. E. 


815,000 


5 % 


May 1 


1936 


5,786.50 


820,786.50 


Apr. 6, 1916 


40,750.00 


W. E. 


2,600,000 


5 % 


Mar. 1 


1944 


112,832.07 


2,712,832.07 


/Feb. 4, 1914 
\Apr. 14, 1914 


130,000.00 


W. E. 


570,000 


7 % 


Sept.l, 


1947 


399.00 


570,399.00 


/Aug. 24, 1917 
\Sept. 4, 1917 


39,900.00 


W. E. 


$11,898,000 






$51,674,000 






♦221,011.24 


$51,452,988.76 


$2,454,875.00 





♦Discount 



34 



History of the 1919 Loan Assessment on Cities and Towns 
Chapter 159, Special Acts 1918 



Cities and Towns 


Original 
Assessment 


Total 
Repayments 


Balance 
Due 


Boston . 












$2,863,042.50 


$1,237,041.92 


$1,626,000.58 


Cambridge 
















386,397.11 


166,951.52 


219,445.59 


Somerville 
















167,090.75 


72,194.73 


94,896.02 


Brookline 
















101,621.23 


43,907.29 


57,713.94 


Medford 
















81,449.82 


35,192.51 


46,257.31 


Maiden . 
















76,112.44 


32,886.26 


43,226.18 


Everett . 
















74,727.35 


32,286.97 


42,440.38 


Watertown 
















56,155.96 


24,263.93 


31,892.03 


Arlington 
















44,267.25 


19,126.92 


25,140.33 


Chelsea . 
















40,426.40 


17,466.68 


22,959.72 


Newton 
















37,079.09 


16,021.09 


21,058.00 


Belmont 
















25,552.57 


11,041.05 


14,511.52 


♦Comm. of Mass. 












26,229.20 


26,229.20 




■fComm. of Mass. 














690.24 


1690.24 
























$3,980,151.67 


$1,735,300.31 


$2,244,851.36 



Based on traffic counts made July 24, 25, 26, 27, 1919 in accordance with the provisions of Section 14, Chapter 
159, Special Acts 1918. 

♦Assessment of Quincy and Stoneham assumed by Commonwealth of Massachusetts. 

fExpense to Commonwealth of Massachusetts for financing Loan (to be assessed to cities and towns pro 
rata to their original contributions). 



REPAYMENTS 



July 1922 
July 1923 
July 1925 
July 1926 
July 1927 



Total Repayments 



$ 517,196.45 

1,114,557.82 

20,581.33 

22,304.46 

60,660.25 

$1,735,300.31 



JCredit 



35 



RESERVE FUND 



Balance January 1, 1927 



Excess of Cost of Service over Receipts 

June 

July 

August .... 
September. 



Excess of Receipts over Cost of Service 

January 
February 
March 
April . 
May . 
October 
November 
December . 



Excess for the Year of Receipts over Cost of Service 



Amount Refunded to Commonwealth of Mass., July 1, 1927 



Profit and Loss Items, Cr. 

Balance— December 31, 1927 



5,917.54 

353,208.21 
408,570.65 
147,204.65 

$1,001,901.05 

$186,947.50 

92,018.37 

256,586.83 

181,694.29 

113,284.72 

79,421.56 

34,226.52 

280,536.75 

$1,224,716.54 



$161,340.73 



$222,815.49 

$384,156.22 
60,660.26 

$323,495.97 
154,339.37 

$477,835.34 



36 



BOSTON ELEVATED RAILWAY COMPANY, TRUSTEE 

Statement of Special Trust Fund, December 31, 1927 

Principal of Trust Fund as established $1,500,000.0(1 

Accretions and accumulations to December 31, 1927 633,495.86 



Total Special Trust Fund $2,133,495.86 

Income from June 10, 1922, to December 31, 1927 . . . $540,170.50 
Less amount paid on account of retirement of 

Second Preferred Stock, as follows: 

7183^ shares purchased July, 1923 $72,193.40 

919 shares purchased July, 1924 . 90,319.68 

1,110 shares purchased July, 1925 . 111,685.37 

1,030 shares purchased July, 1926 . 108,647.00 

1,020^ shares purchased July, 1927 . 107,437.45 



490,282.90 

$49,887.60 

Investments ' $2,132,050.34 

Cash on Deposit $51,333.12 



Buck Printing Co.. Boston 



Annual Report 



op the 



PUBLIC TRUSTEES OF THE BOSTON 
ELEVATED RAILWAY 



FOR THE 

Year Ending December 31, 1928 



Annual Report 



OF THE 



PUBLIC TRUSTEES OF THE BOSTON 
ELEVATED RAILWAY 



FOR THE 

Year Ending December 31, 1928 



BOARD OF TRUSTEES 

(Appointed by the Governor of Massachusetts, pursuant to 
Chapter 159 of the Special Acts of 1918.) 

HENRY I. HARRIMAN, Chairman 
CHARLES H. COLE STANLEY R. MILLER 

GEORGE B. JOHNSON EDWARD E. WHITING 

OFFICERS 

(Appointed by the Trustees.) 

EDWARD DANA General Manager 

HENRY L. WILSON Treasurer 

JOHN H. MORAN General Auditor 

H. WARE BARNUM General Counsel 

RUSSELL A. SEARS General Attorney 



REPORT OF THE BOARD OF PUBLIC TRUSTEES 
OF THE BOSTON ELEVATED RAILWAY 

Table of Contents 

Page 

Data of Operation .......... 5 

Accident Reduction .......... 5 

Increase in Fixed Charges ........ 5 

Road and Equipment Account ........ 6 

Service Changes .......... 6 

Equipment Changes ....... . . 6 

Service Delays ........... 6 

Beach Street Accident ......... 6 

Review of Ten Years of Trustee Control ...... 6 

Appendixes 

1. Receipts and Expenditures ....... 10 

2. Traffic Statistics 11 

3. Comparative passenger statistics — revenue passengers carried 11 

4. Passenger cars and buses owned ...... 12 

5. Power statistics ......... 13 

6. General Organization, Boston Elevated Railway ... 14 

7. Public accountants' certification ...... 15 

8. General balance sheet . . . . . . . . 16 

9. Income statement ......... 20 

10. Operating Expense accounts ....... 22 

11. Allocation of cost of service per passenger— with diagram . 24 

12. Expenditures on road and equipment ..... 25 

13. Revenue passengers carried ....... 26 

14. Revenue mileage .......... 28 

15. Investment in road owned and leased by Boston Elevated 

Railway .......... 30 

16. City and State investment in subways, tunnels and rapid 

transit lines .......... 31 

17. Investment, passenger revenue and gross income, 1897 to date 32 

18. Ratio of maintenance and depreciation to gross earnings . 33 

19. Distribution of tax payments in 1928 34 

20. History of the 1919 loan assessment on cities and towns . 35 

21. Outstanding capital stock, December 31, 1928 .... 36 

22. Outstanding funded debt, December 31, 1928 .... 37 

23. Reserve fund . 38 

24. Special trust fund 39 



REPORT OF THE BOARD OF PUBLIC TRUSTEES OF THE 
BOSTON ELEVATED RAILWAY 



The Public Trustees of the Boston Elevated Railway Company re- 
spectfully submit their tenth annual report. 

During the calendar year 1928 total income decreased $350,262.52 
or 1% as compared with 1927. This showing is more favorable than 
for the industry as a whole. Revenue passengers for the year decreased 
1.34% on the Boston Elevated, whereas the street railways of the coun- 
try, we are informed, showed a decrease of 2%. This smaller number 
of passengers has had the benefit of 647,162 more miles of service op- 
erated this year than the preceding year. 

Despite the cost of increased service and some wage increases and 
other burdens, the total operating expenses of the railway were reduced 
to $24,900,188.69. This is the lowest operating expense since the year of 
1925. This has required diligent attention in every branch of the rail- 
way service, and to those who contributed to this accomplishment we 
acknowledge our appreciation. 

Power costs have been still further improved and are reflected in 
the lowest figure yet attained in pounds of coal consumed per kilowatt 
hour generated. During 1928 South Boston Power Station generated 
269,145,500 k.w. hours, representing 93% of the total power generated 
by the Railway. This was produced at an operating cost of $.004249 psr 
k.w.h. and a total cost including interest, taxes, insurance and depre- 
ciation, of $.00741163 per k.w.h. We believe there is no steam plant in 
New England in which operating costs are lower. The maximum hour 
current output of 87,215 k.w.h. was the highest in the railway history. 

Ability to meet this greater and ever-increasing peak hour demand 
made of the Railway while the total annual traffic is decreasing is a 
burden of recent origin. The Railway's stand by or readiness to serve 
ability in all emergencies is a feature which is apt to be overlooked. 
This factor is more ever present in the case of the Elevated than with 
some other public utilities as may be seen from, the fact that the Ele- 
vated carries about two-thirds of all persons entering downtown Boston 
by trolley, steam road, buses, ferries and private automobiles. 

The accident record of the year has shown continued improvement 
to an extent that is worthy of special mention. As compared with the 
year 1927 there has been the following decrease: Surface car collisions, 
17.8%; bus collisions, 18.6%; surface boarding and alighting, 10.5%. 
These reductions have been the result of thorough research into the 
nature and causes of accidents. Such research has proved the im- 
portance of the adoption of sound principles of accident reduction and 
the maintenance of properly directed safety interest. It is not expected 
that financial relief will accrue from this work until a later period due 
to the inevitable delay — and average of two years — in the trial of suits. 
The average cost of injury and damage claims is still increasing and 
this was reflected by an increase of over $100,000 in the charge for 
Injuries and Damages as compared with 1927. 

Fixed charges continued to increase and in 1928 reached the largest 
sum in the Railway's experience. Since the opening of the Dorchester 
Rapid Transit Extension to Ashmont the annual charge for subway 
rentals is about two million seven hundred thousand dollars. The Rail- 
way is already committed to additional rental upon the cost of the ex- 
tension from Ashmont to Mattapan, work upon which is now in progress. 



Subway rentals for the twelve months previous to the Board of Trustees 
assuming control of this Railway in 1918 were $1,013,116.38. Further 
rapid transit extensions financed at the expense of the car rider alone 
cannot be undertaken. In fact it is more apparent than ever before that 
additional burdens cannot be placed upon the car rider within the limits 
of the present rates of fare. 

The road and equipment ^account standing at $112,527,935.31 has not 
increased during the year. Such plant expenditures as have been made 
of necessity or to secure economies and efficiencies have not exceeded the 
value of property retired from service through the depreciation reserve. 
We consider that no funds other than those that might be obtained 
through temporary bank loans, are available at the present time to meet 
the cost of necessary or desirable capital improvements. 

Changes of service or properties in 1928 were not numerous. Train 
operation over the Dorchester Rapid Transit was extended on Septem- 
ber 1, 1928, to Ashmont Terminal. Reroutings of surface cars and addi- 
tional bus service were placed in operation at that time. Remodeling 
and reduction in size of the Harvard Square entrance to the Cambridge 
Subway was completed on March 28, 1928. Owing to one-way traffic 
regulations on Washington Street surface cars were removed on August 
18, 1928, and arrangements made to operate the Bay View, Washington 
Street from Northampton Street, and the Columbus Avenue lines with 
buses. Boston Garden-North Station opened on November 19th. Con- 
struction of this project of the Boston and Maine Railroad necessitated 
reconstruction of the elevated station with new entrances and exits with 
provision for prepayment fare collections. 

With the disposal of the remaining horses in the Maintenance De- 
partment during 1928 the entire service became motorized. 

During the year Oak Square Carhouse and a portion of the Bartlett 
Street Shop buildings were torn down. 

In conformity with law, 72,345 ft. of underground conduits were 
laid. 

An increased number of snow plow units have been economically 
provided by remodelling semi-convertible cars for that purpose. 

Additional cinder traps were installed on the stacks of South Boston 
Power Station. 

It is interesting to note that the number of delays to service of 
twenty minutes or more for which the Railway is responsible, such as 
derailments, collisions, power or wire difficulties, and defective cars, were 
reduced from 272 in 1927 to 224 in 1928. 

On July 22nd a distressing rapid transit accident occurred at Beach 
Street Station, in which three passengers lost their lives. This was the 
first accident on the Elevated lines of the Railway resulting in the death 
of a passenger. The cause of this accident was determined to be ex- 
cessive speed. As a result of the investigations that were pursued fol- 
lowing the accident, agreement was made with the Carmen's Union 
establishing the Board of Trustees as a court of last resort in passing 
upon the fitness of any employee of the Railway. This change is in the 
public interest as well as in the interest of the employee as a whole. 
To insure physical fitness of employees operating service, employees to 
the number of 2,652 were given physical examination during the year. 

The tenth year of operation of the Railway under Public Trustees 
came to a close June 30 last. The results of operation of the Railway 
for the twelve months then ending would have permitted a repayment 
upon the 1919 deficit of about $225,000. There were, however, Federal 



tax reserves no longer necessary and other credits which the Board felt 
should be adjusted at the close of the ten year period. These adjustments 
resulted in increasing the sum paid to the Treasurer of the Common- 
wealth for distribution to cities and towns to $895,518.01; $400,957.54 
of this amount was made available by the favorable results which had 
been obtained through providing for the Workmen's Compensation In- 
surance covering the employees of the Railway since 1921 in the Transit 
Mutual Insurance Company. This company was organized and is man- 
aged by officials of the Railway and the benefits obtained as the result 
of safety work thereby accrue directly to the benefit of the car rider. 

This tenth year also brings to a close the minimum period of public 
control provided for in the Act of 1918. On that date the terms of office 
of the trustees ended, except as they held office until the appointment of 
their successors. A new board was appointed by His Excellency, Gov. 
Alvan T. Fuller, in December, 1928. The new board, as then appointed, 
and which signs this annual report, includes three new members, one 
who was appointed on September 21, 1927, and one who was a member 
of the original board of 1918. 

It is fitting that in presenting this tenth report we should review the 
achievements of the retiring board, into whose hands was placed ten 
and one-half years ago the difficult task of rehabilitating the Elevated 
Railway, restoring it to a sound financial condition and bringing the 
service into closer approximation of efficiency. A detailed study of the 
ten-years' record is in preparation and will be available; space within 
this report permits only a brief summary of the period's achievements, 
to indicate to the public what it has received in the way of bettered 
transportation service under public control. 

The tenth anniversary marks a close of one chapter and an opening 
of another. The retiring board faced the task of rebuilding the material 
equipment and the service of the Elevated. This work has been done. 
The new and succeeding boards, if the road is continued under public 
control, must meet the increasing demands for expansion of service and 
continued modernization of methods and facilities. Street railway trans- 
portation in Boston had arrived at an impasse in 1918. The physical 
equipment of the road had fallen into disrepair and was approaching 
ruin. Financially the road was not prospering. The public of Greater 
Boston faced the menace of a broken service. Bound to a five-cent fare, 
earnings could not meet the demands for improved equipment and bet- 
tered service. Under these difficult conditions the original board of 
public trustees took charge. 

Its first task was to establish sufficient fares to meet the cost of 
service in the face of rising costs. Fares were increased to seven and 
eight cents. On June 30, 1919, one year after the start of public control, 
there was a deficit for the road of $4,980,151.67. One million dollars 
was supplied by the Reserve Fund and the balance was assessed on the 
cities and towns served by the system. In July, 1919, the ten-cent fare 
was established. There has been no deficit since then. Payments to 
reduce the deficit of June 30, 1919, have brought the total down to the 
present figure of $1,349,333.35. While whittling down that deficit, the 
trustees have spent about $40,000,000 between July 1, 1918, and June 30, 
1928, on road and equipment, for new extensions and additions and for 
replacement of worn-out property. In other words, while taking up its 
debt the publicly controlled road has spent this large sum to give the 
public additional and better service; both quantity and quality of service 
have been improved. 



8 

In these ten years $19,000,000 has been spent for new cars and 
buses. In the matter of car equipment there is hardly a trace of the 
1918 road remaining; and there is no comparison possible between the 
modern equipment today in use and that with which the public was pro- 
vided in 1918. Today's rolling stock is of the best obtainable. 

In 1918 the road was equipped with antiquated cars; the average 
age of all surface cars in use at that time on the road was 17.2 years. 
There were some "articulated" cars — small old box cars joined together, 
and quite unsuited for the work required. Box cars about 25 feet long, 
and seating 34 passengers, were in operation. Contrast these with the 
modern cars, seating from 48 to 62. Wooden cars were in use on the 
rapid transit trains. Today there is not a wooden rapid transit car on 
the road; all are of steel. In these ten years there have been placed in 
service 836 new service cars of modern type, 165 steel Elevated and 
Tunnel cars, and about 300 buses — a total of more than 1300 vehicles. 
In this period 1476 out-of-date cars have been retired. With fewer cars 
in operation, the number of seats for passengers has been increased, due 
to the larger seating capacity of the modern type, and to increased fre- 
quency of operation, in part made possible by the use of one-man cars. 
Besides added seating capacity, the new type vehicles have wider doors 
and lower steps, thus serving convenience and safety and reducing the 
likelihood of accident. 

Shops and repair equipment have been built up, to do the necessary 
work. The public sees little of these inconspicuous factors in service, 
but benefits from their results. 

Better cars required better tracks. In 1918 the existing tracks were 
crooked, broken, patched. Tracks today are standard, and are in good 
condition. 

Rapid transit has been improved and extended. The Dorchester 
tunnel to Andrew Square began operation as the trustees took over the 
road's management ten years ago; the Elevated extension to Everett 
was in process. Since then the Everett extension has been completed, 
and the Dorchester tunnel has reached out through Fields Corner and 
Ashmont towards Mattapan. Surface cars in the East Boston tunnel 
have been replaced by steel trains running from Bowdoin Square to 
Maverick Square. The Arlington station in the Boylston Street subway 
has been built. Station accommodations have been improved, with 
longer platforms, wider stairways and other bettered facilities to in- 
crease public convenience, comfort and safety. 

Though the number of employees, 8200, is less than at any time 
since 1917, several million more miles of service are given annually than 
ten years ago; this is due to greater efficiency and modernized equip- 
ment, with safer, faster and more comfortable cars. 

The service to the public in the entire district, as reflected by the 
mileage operated, shows 57 million 400 thousand miles in 1928 as com- 
pared with 53 million in 1918. 

For the ten-cent fare the passenger on the Elevated has at command 
a co-ordinated service of rapid transit trains, surface cars and buses, 
with free transfer privileges over the entire system. Despite the in- 
crease of the unit fare from 5 cents in 1918 to 10 cents today, the 
provision for local zone fares at a lower rate was availed of in 1928 by 
57,785,211 persons. 

The close of the year 1928, ending the administration of the old 
board, found the road in good operating condition, economically managed, 
and with steadily increasing efficiency of service and continuous improve- 



ment of equipment. Thus the board which lately retired has brought 
the Elevated system out of the slough* of difficulties, rehabilitated it, 
established service, modernized equipment and pointed the way for 
future growth. It brought the system to the point where it gives the 
best possible service within the limitations of the fares collected; these 
limitations have left no margin for improvements such as the retiring 
board saw were necessary. To devise ways for these improvements is 
the task ahead. 

HENRY I. HARRIMAN, 
STANLEY R. MILLER, 
EDWARD E. WHITING, 
GEORGE B. JOHNSON, 
CHARLES H. COLE. 
February 1, 1929. 






10 

Appendix 1 
Comparative Division of Receipts and Expenditures for Years Ended Dec. 31. 





1928 


1927 


1926 


1925 


1924 


Total receipts .... 


$34,843,147.51 


$35,193,410.03 


$35,481,313.38 


$34,547,379.61 


$34,175,319.61 


Operating expenses: 












Wages 


$16,646,421.20 


$16,757,338.49 


$17,697,377.55 


$16,931,549.57 


$17,358,670.49 


Material and other items . 


3,183,935.30 


3,262,789.41 


3,462,091.07 


3,175,981.86 


3,203,378.92 


Injuries and damages 


1,306,882.63 


1,203,518.05 


925,918.61 


666,488.49 


740,025.39 


Depreciation 


2,671,141.73 


2,824,220.15 


2,841,721.52 


2,496,000.00 


2,496,000.00 


Fuel 


1,091,807.83 


1,084,466.71 


1,149,159.36 


1,135,715.65 


1,424,058.76 


Total operating expenses . 


$24,900,188.69 


$25,132,332.81 


$26,076,268.11 


$24,405,735.57 


$25,222,133.56 


Rent of leased roads (in- 












cluding dividend rental 












under Chapter 159, Acts 












of 1918) .... 


3,145,726.48 


3,152,431.71 


3,162,454.21 


3,169,448.86 


3,175,566.55 




1,721,678.45 


1,864,135.90 


1,910,764.61 


1,652,517.57 


1,623,995.65 


Subway, tunnel and Rapid 












Transit Line rents 


2,389,354.11 


2,224,087.95 


2,217,000.93 


2,217,470.08 


2,125,593.96 


Interest on bonds and notes 


2,557,565.53 


2,524,843.23 


2,535,504.81 


2,540,909.21 


2,602,891.00 


Miscellaneous items 


88,583.23 


72,762.94 


62,069.83 


59,104.47 


61,835.29 


Total cost of service . 


$34,803,096.49 


$34,970,594.54 


$35,964,062.50 


$34,045,185.76 


$34,812,016.01 


Gain for year .... 
Loss for year .... 


$40,051.02 


$222,815.49 




$502,193.85 






$482,749.12 




$636,696.40 









Note: — Profit and Loss Adjustments not included in above. 



11 

Appendix 2 
Traffic Statistics, Year Ending December 31, 



Round trips operated 

Passenger revenue 

Passenger revenue per car mile (cents) 
Passenger revenue per hour 
Passenger revenue mileage 
Passenger revenue hours . 
Revenue passengers carried 
Revenue passengers carried per mile 
Revenue passengers carried per hour 



1928 



7,316,027 

$33, 616,877.00 

58.49c 

$5.92 

57,475,124* 

5,674,941 

362,005,033 

6.298 

63.79 



1927 



7,295,371 

$34,000,570.95 

59.83c 

$5.93 

56,827,962* 

5,735,491 

366,938,908 

6.457 

63.98 



1926 



7,526,260 

$34,393,953.90 

59.41c 

$5.75 

57,895,881* 

5,980,267 

371,218,401 

6.412 

62.07 



1925 



7,185.587 

$33,790,441.73 

60.93c 

$5.86 

55,461,094* 

5,767,957 

365,036,286 

6.582 

63.28 



^Including motor bus mileage. 



1928 


5,999,879 


1927 


5,562,766 


1926 


4,717,900 


1925 


2,472,456 



Appendix 3 
Comparative Passenger Statistics— Revenue Passengers Carried. 



1928 
1927 
1926 
1925 
1924 
1923 
1922 
1921 
1920 
1919 
1918 
1917 
1916 
1915 



Year 



Week day 
Average 



1,067,980 

1,079,087 

1,086,544 

1,066,317 

1,109,861 

1,109,274 

1,030,303 

975,745 

960,737 

934,918 

985,384 

1,073,943 

1,050,038 

992,283 



Saturday 
Average 



1,143,250 
1,166,933 
1,191,342 
1,172,871 
1,216,132 
1,196,301 
1,144,320 
1,068,295 
1,072,319 
1,078,635 
1,147,809 
1,249,588 
1,218,749 
1,140,046 



Sunday 
Average 



539,813 
555,326 
576,701 
577,200 
630,755 
652,404 
617,148 
578,860 
591,063 
596,182 
658,902 
728,847 
718,804 
685,726 



Holiday 
Average 



631,916 
661,840 
666,258 
660,007 
727,191 
758,915 
691,890 
696,691 
703,634 
706,429 
775,634 
857,902 
832,962 
846,860 



Total for 
Year 



362,005,033 
366,938,908 
371,218,401 
365,036,286 
382,888,848 
382,149,697 
356,593,942 
337,252,080 
335,526,561 
324,758,685 
348,664,700 
381,017,338 
373,577,908 
352,469,586 



12 

Appendix 4 

Passenger Cars and Buses Owned 

Surface Cars 





1928 


1927 


1918 




375 


394 


453 


Semi-convertible cars — one or two-man type No. 5 


471 


461 






396 


396 


100 




220 


220 


174 




24 


24 


1 








177 




57 


77 


1,113 




... 




1,354 




1,543 


1,572 


3,372 



Rapid Transit Cars 



Elevated cars, wood and steel 

Elevated cars, steel 

Cambridge-Dorchester Tunnel cars, steel 
East Boston Tunnel cars, steel 

Total rapid transit passenger cars 
Total surface and rapid transit cars 





22 


169 


325 


302 


162 


155 


155 


60 


48 


48 




528 


527 


391 


2,071 


2,099 


3,763 



Motor Buses 



Mechanical Drive 


114 

118 

1 

6 


114 

98 

1 


... 


Gas Electric 


239 

3 
15 
11 

15 


213 
1 


... 




44 


1 


... 




283* 


214f 


... 


Total passenger cars and buses owned . 


2,354 2,313 3,763 



* In addition, the Boston Elevated Railway was, on December 31, 1928, operating 10 leased mechani- 
cal drive buses. 

t In addition, the Boston Elevated Railway was, on December 31, 1927, operating 25 leased mechani- 
cal drive and 2 leased gas electric buses. 



13 

Appendix 5 
Comparative Power Statistics 





1928 


1927 


1926 


1925 


1924 


1923 


1922 


Tons of coal burned 


204,620 


209,815 


230,759 


217,414 


240,493 


260,032 


273,441 


Pounds of coal per 
kilowatt hour 


1.816 


1.932 


2.011 


1.973 


2.068 


2.264 


2.553 


Average price of coal 
per long ton 


$4.93 


$4.91 


$4.98 


$5.22 


$5,921 


$7,085 


$6,777 


Net cost of power for 
car service per kilo- 
watt hour (cents) 


0.928 


0.987 


0.982 


1.021 


1.093 


1.227 


1.414 


Net cost of power per 
total revenue car 
mile (cents) 


4.134 


4.307 


4.401 


4.428 


4.833 


5.468 


6.153 


Direct current an- 
nual output (k.w.) 


252,346,905 


243,290,850 


257,045,625 


246,835,300 


260,401,225 


257,270,357 


239,905,874 


Direct current maxi- 
mum hour output 
(kilowatts) 


87,215 


85,870 


85,900 


85,660 


86,245 


82,965 


78,755 



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15 

Appendix 7 



Patterson, Teele & Dennis 

Accountants and Auditors 

1 Federal Street, Boston, January 29, 1929. 

Mr. Henry I. Harriman, Chairman, 
Gen. Charles H. Cole, 
Mr. George B. Johnson, 
Mr. Stanley R. Miller, 
Mr. Edward E. Whiting, 

Trustees 

Boston Elevated Railway, 
Boston, Massachusetts. 
Sirs: 

We have examined the accounts of the Boston Elevated Railway for the 
year ending December 31, 1928, and we report upon the Railway's financial 
statements for the year, presented herewith as follows: 

Road and Equipment are shown at book values. In our opinion, adequate 
provision for depreciation has been made for the year under review, in pursu- 
ance of the plan for depreciation reserves followed by the Public Trustees from 
July 1, 1918. 

The securities owned by the Railway were produced for our inspection and 
are carried at cost values, which, in the aggregate, are less than the total market 
values. We have verified the current assets as shown by the books, and have 
satisfied ourselves that the liabilities are correctly stated. 

WE HEREBY CERTIFY that, subject to the foregoing comments, the 
accompanying balance sheet is in accordance with the books and correctly 
states the financial condition of the Boston Elevated Railway at December 31, 
1928 ; and that, in our opinion, the operating results for the year 1928 are fairly 
presented in the accompanying income statement. 

Respectfully submitted, 
(Signed) PATTERSON, TEELE & DENNIS, 

Accountants and Auditors. 



16 

Appendix 8 
General Balance Sheet 



Debits 



Dec. 31, 1928 



Investments 
Road and Equipment: 

Way and Structures 

Equipment 

Power 

General and Miscellaneous 

Total Road and Equipment 

Miscellaneous Physical Property 

Other Investments: 

Stocks 

Notes 

Advances, Road and Equipment: 

Eastern Massachusetts Street Railway Company 

Total Other Investments 

Total Investments 



$61,675,752.84 

30,219,791.85 

18,729,198.48 

1,903,192.14 



Dec. 31, 1927 



$112,527,935.31 
$745,278.67 

$2,501.00 
30,800.00 



$62,548,575.62 

29,537,946.20 

18,669,591.17 

1,901,378.17 



$112,657,491.16 
$58,889.12 

$2,501.00 
75,900.00 



187,332.15 112,568.74 



$220,633.15 
$113,493,847.13 



$190,969.74 
$112,907,350.02 



Dec. 31, 1926 



$62,135,120.57 

26,847,206.19 

18,227,252.47 

1,893,866.60 



$109,103,445.83 
$58,889.12 

$2,501.00 
91,000.00 

131,265.73 



$224,766.73 
$109,387,101.68 



17 



General Balance Sheet — Continued 



Credits 


Dec. 31, 1928 


Dec. 31, 1927 


Dec. 31, 1926 


Stock 
Capital Stock: 










First Preferred Stock ....... 




$6,400,000.00 


$6,400,000.00 


$6,400,000.00 










13,399,500.00 


13,549,450.00 


13,651,500.00 






3,000,000.00 


3,000,000.00 


3,000,000.00 










23,879,400.00 


23,879,400.00 


23,879.400.00 




# m 


Total Capital Stock . . . . . 


$46,678,900.00 


$46,828,850.00 


$46,930,900.00 
















2,232,477.02 


2,232,477.02 


2,232,477.02 










2,707,428.13 


2,707,428.13 


2,707,428.13 






Total Premium on Capital Stock 


$4,939,905.15 
$51,618,805.15 


$4,939,905.15 


$4,939,905.15 






$51,768,755.15 


$51,870,805.15 


Long Term Debt 










Funded Debt Unmatured: 










Miscellaneous Obligations: 










6i% 5 yr. W. E. St. Ry. Co. Bonds, due Feb. 1, 


1927 






2,700,000.00 


6% 5 yr. W. E. St. Ry. Co. Bonds, due May 1, 


1927 






1,956,000.00 


4i% 20 yr. W. E. St. Ry. Co. Bonds, due July 1, 


1930 


1,604,000.00 


1,604,000.00 


1,604,000.00 


4% 30 yr. W. E. St. Ry. Co. Bonds, due Aug. 1, 


1932 


5,709,000.00 


5,709,000.00 


5,709,000.00 


5% 20 yr. W. E. St. Ry. Co. Bonds, due Nov. 1, 


1932 


600,000.00 


600,000.00 


600,000.00 


6% 10 yr. Boston Elev. Ry. Bonds, due June 1, 


1933 


3,000,000.00 


3,000,000.00 


3,000,000.00 


6% 10 yr. Boston Elev. Ry. Bonds, due Mar. 1, 


1934 


2,098,000.00 


2,098,000.00 


2,098,000.00 


5i% 10 yr. Boston Elev. Ry. Bonds, due Aug. 1, 


1934 


1,581,000.00 


1,581,000.00 


1,581,000.00 


4% 30 yr. Boston Elev. Ry. Bonds, due May 1, 


1935 


8,500,000.00 


8,500,000.00 


8,500,000.00 


5% 20 yr. W. E. St. Ry. Co. Bonds, due May 1, 


1936 


815,000.00 


815,000.00 


815,000.00 


5% 10 yr. Boston Elev. Ry. Bonds, due Feb. 1, 


1937 


6,511,000.00 


6,511,000.00 




4i% 30 yr. Boston Elev. Ry. Bonds, due Oct. 1, 


1937 


4,800,000.00 


4,800,000.00 


4,800,000.00 


4i% 30 yr. Boston Elev. Ry. Bonds, due Nov. 1, 


1941 


5,000,000.00 


5,000,000.00 


5,000,000.00 


5% 30 yr. Boston Elev. Ry. Bonds, due Dec. 1, 


1942 


8,286,000.00 


8,286,000.00 


8,286,000.00 


5% 30 yr. W. E. St. Ry. Co. Bonds, due Mar. 1, 


1944 


2,600,000.00 


2,600,000.00 


2,600,000.00 


7% 30 yr. W. E. St. Ry. Co. Bonds, due Sept. 1, 


1947 


570,000.00 


570,000.00 


570,000.00 


Total Bonds 


551,674,000.00 


$51,674,000.00 


$49,819,000.00 


Mortgage Notes 




125,000.00 


125,000.00 


125.000.00 


Total Funded Debt Unmatured 


551,799,000.00 


$51,799,000.00 


$49,944,000.00 


Total Long-Term Debt 




$51,799,000.00 


$51,799,000.00 


$49,944,000.00 






18 



General Balance Sheet— Continued 



Debits 

Current Assets 
Cash 

Special Deposits: 

Interest, Dividends and Rents Unpaid .... 

Reserve Fund, Chap. 159, Spec. Acts 1918 . 
Funds Available for Capital Expenditures Only . 

Total Special Deposits 

Miscellaneous Accounts Receivable 

Material and Supplies 

Interest, Dividends and Rents Receivable .... 
Other Current Assets 

Total Current Assets 

Deferred Assets 
Insurance and Other Funds 

Total Deferred Assets 

Unadjusted Debits 
Rents and Insurance Premiums Paid in Advance . 

Discount on Funded Debt 

Other Unadjusted Debits: 
Cost of Service deficit for twelve months ending June 
30, 1919, as provided for by Commonwealth of Mas- 
sachusetts, Chap. 159, Special Acts of 1918 . 
Other Unadjusted Debits 

Total Other Unadjusted Debits 

Total Unadjusted Debits 

Total Debits 



Dec. 31, 1928 



$011,071.62 

$792,543.50 
71,192.25 



$803,735.75 

$209,085.30 

1,908,801.87 

5,189.39 

41,430.40 



$3,759,914.39 



2,937,045.86 



Dec. 31, 1927 Dec. 31, 1926 



$2,937,045.80 

$113,243.00 
415,505.08 



1,349.333.35 
143,480.98 



$1,492,814.33 

$2,021,562.41 

$122,212,369.79 



$791,459.49 

$789,239.75 

204,664.57 

32,000.00 



$982,464.80 

$791,435.63 

34,000.00 



$1,025,904.32 

$294,770.51 

2,145,429.39 

3,036.69 

39,774.13 



$825,435.63 

$255,394.50 

2,098,290.81 

4,755.44 

40,120.56 



$4,300,374.53 $4,206,461.74 



2,936,045.86 | 2,936,045.86 



5,936,045.86 $2,936,045.86 



$10,530.56 
462,891.40 



2,244,851.36 
160,471.06 



$119,702.80 
441,800.19 



2,305,511.61 
299,097.81 



$2,405,322.42 j $2,604,609.42 

$2,878,744.38 ' $3,166,112.41 

j 

$123,022,514.79 $119,695,721.69 



19 



General Balance Sheet— Concluded 



Credits 


Dec. 31, 1928 


Dec. 31, 1927 


Dec. 31, 1926 


Current Liabilities 


$2,050,000.00 


$2,800,000.00 


$3,100,000.00 


Audited Accounts and Wages Payable 


600,643.44 


527,544.27 


903,485.99 


Matured Interest, Dividends and Rents Unpaid 


793,749.00 


790,445.25 


792,641.13 


Accrued Interest, Dividends and Rents Payable: 








Accrued Interest on Funded Debt 


$578,853.76 


$578,853.76 


$533,080.43 


Accrued Rents, Leased Roads, Other Companies 


6,619.76 


6,620.54 


6,621.74 


Accrued Rents, Leased Roads, B. E. Ry. Co., Dividend 








Rental 


234,491.25 


237,115.38 


238,901.25 




94,633.34 


93,693.34 


92,790.00 


Total Accrued Interest, Dividends, Rents Payable . 


$914,598.11 


$916,283.02 


$871,393.42 




$4,358,990.55 


$5,034,272.54 


$5,667,520.54 


Deferred Liabilities 
Other Deferred Liabilities 


19,343.51 


37,797.60 


36,842.06 


Total Deferred Liabilities 


$19,343.51 


$37,797.60 


$36,842.96 


Unadjusted Credits 


$635,128.21 


$721,841.58 


$712,112.36 


Premium on Funded Debt . 


160,522.46 


185,118.14 


210,296.06 


Operating Reserves: 








Injury and Damage Reserve 


1,537,667.47 


1,190,758.93 


940,187.54 


Total Operating Reserves 


$1,537,667.47 


$1,190,758.93 


$940,187.54 


Accrued Depreciation — Road and Equipment .... 


$10,852,610.22 


$9,962,749.29 


$8,197,485.10 


Other Unadjusted Credits: 










164,352.07 


173,719.80 


164,159.23 


Amount advanced by Commonwealth of Massachusetts 








under Chapter 159, Special Acts of 1918, account 








deficit in Cost of Service for 12 months ending June 








30. 1919 


1,349,333.35 


2,244,851.36 


2,305,511.61 


Other Unadjusted Credits 


40,000.00 


10.00 




Total Other Unadjusted Credits 


$1,553,685.42 


$2,418,581.16 


$2,469,670.84 


Total Unadjusted Credits 


$14,739,613.78 


$14,479,049.10 


$12,529,751.90 


Corporate Surplus 
Miscellaneous Fund Reserves 




$250,501.68 


$412,207.03 


Profit and Loss — Period to June 30, 1918 . 


*$10,556.12 


*65,730.33 


*65,730.33 


Profit and Loss — Period since July 1, 1918 . 


*705,093.25 


♦522,164.66 


*838,659.27 


Profit and Loss — Arising out of consolidation with West 








End St. Ry. Co., June 10, 1922 


392,266.17 


241,033.71 


138,983.71 




*$323,383.20 


♦$96,359.60 


*$353,198.86 


Total Credits 


$122,212,369.79 


$123,022,514.79 


$119,695,721.69 



'Debit 



20 

Appendix 9 
Income Statement 



Operating Income 



Passenger Car Revenue 

Passenger Motor Bus Revenue 

Special Car and Special Bus Revenue .... 

Mail Revenue 

Express Revenue 

Miscellaneous Transportation Revenue .... 

Total Revenue from Transportation 

Station and Car Privileges 

Rent of Tracks and Facilities 

Rent of Equipment 

Rent of Buildings and other Property .... 

Power 

Miscellaneous 

Total Revenue from ether Railway Operations . 

Total Railway Operating Revenues 

Railway Operating Expenses 

Way and Structures 

Equipment 

Power 

Conducting Transportation 

Traffic 

General and Miscellaneous 

Transportation for Investment 

Total Railway Operating Expenses 
Per Cent, of Operating Expenses to Operating Revenues 
Per Cent, of Operating Expenses to Operating and Non- 
Operating Income 

Net Revenue, Railway Operations 

Taxes Assignable to Railway Operations .... 
Operating Income 



Twelve Twelve 

Months Ending Months Ending 

Dec. 31, 1928 Dec. 31, 1927 



$31,496,102.26 

2,085,036.28 

35,738.46 

175.00 



1,839.97 



$33,018,891.97 

$777,699.22 
58,554.88 
25,943.99 
58,054.92 
149,828.14 
53,682.97 



$32,051,613.69 

1,911,751.34 

37,205.92 

175.00 

323.93 

1,619.68 



$34,002,689.56 

$771,545.58 
78,725.78 
26,139.80 
67,397.44 
112,397.37 
36,980.46 



$1,123,764.12 $1,093,186.43 
$34,742,656.09 $35,095,875.99 



3,669,423.66 

4,261,798.47 

2,505,524.66 

11,167,506.50 

33.309.63 
3,271,513.35 

*8.887.58 



$24,900,188.69 
71.67 

71.46 



$9,842,407.40 
$1,721,678.45 
$8,120,788.95 



3,764,085.68 

4,269,726.67 

2,515,296.68 

11,436,059.68 

31,862.88 
3,122,603.99 

♦7,302.77 



$25,132,332.81 
71.61 

71.41 



$9,963,543.18 
$1,864,135.90 
$8,099,407.28 



Twelve 
Months Ending 
Dec. 31, 1926 



$32,812,766.72 

1,548,592.44 

32,594.74 

175.00 

18,329.15 

2,850.59 



$34,415,308.64 

$655,285.80 

82,488.94 

3,903.80 

82,486.12 

102,537.10 

29,319.17 



$956,020.93 
$35,371,329.57 

4,222,526.23 

4,423,585.92 

2,641,775.33 

11,924,517.74 

6,139.22 

2,873,978.17 

*16,254.50 



$26,076,268.11 
73.72 

73.49 



$9,295,061.46 
$1,910,764.61 
$7,384,296.85 



'Credit 



21 



Income Statement— Concluded 



Non-Operating Income 

Income from Lease of Road 

Dividend Income 

Income from Funded Securities .... 
Income from Unfunded Securities and Accounts 
Income from Sinking Fund and Other Reserves 
Release of Premiums on Funded Debt 
Miscellaneous Income 



Total Non-Operating Income 

Gross Income 

Deductions From Gross Income 
Rent for Leased Roads: 

Boston Elevated Railway Co — Dividend Rental 
Other Roads 



Total Rent for Leased Roads . 

Miscellaneous Rents 

Net Loss on Miscellaneous Physical Property 

Interest on Funded Debt 

Interest on Unfunded Debt .... 
Amortization of Discount on Funded Debt 
Miscellaneous Debits 

Total Deductions from Gross Income 
Balance after Cost of Service . 



Twelve 
Months Ending 
Dec. 31, 1928 



3,607.50 
37,352.98 
33,280.00 
24,595.68 

1.655,26 



$100,191.42 
$8,221,280.37 



3,095,606.87 
50,119.61 



$3,145,726.48 
2,389,354.11 
24,388.43 
2,402,375.00 
95,190.53 
47,386.32 
16,808.48 



,181,229.35 
$40,051.02 



Twelve 

Months Ending 

Dec. 31, 1927 



4,268.17 

34,022.36 

33,280.00 

25,177.92 

785.59 



$97,534.04 
$8,196,941.32 



3,102,512.38 
49,919.33 



$3,152,431.71 

2,224,087.95 
8,876.51 

2,464,865.83 
59,977.40 
46,822.95 
17,063.48 



$7,974,125.83 
$222,815.49 



Twelve 
Months Ending 
Dec. 31, 1926 



40.62 
1.75 
10,298.45 
36,806.41 
33,280.00 
28,413.84 
1,142.74 



$109,983.81 
$7,494,280.66 



3,112,605.50 

49,848.71 



$3,162,454.21 

2,217,000.93 

3,779.51 

2,422,935.00 

112,569.81 

40,595.16 

17,695,16 



$7,977,029.78 
*$482,749.12 



*Debit 



22 



Appendix 10 
Operating Expense Accounts 



Way and Structures 



1928 



Superintendence of Way and Structures . . . . . $318,068.09 
Maintenance of Track and Roadway 1,476,835.90 



1927 



Removal of Snow and Ice 

Roadway Structures 

Signal and Telephone and Telegraph Line$ . 
Other Miscellaneous Way Expenses . 
Maintenance of Electric Line Equipment . 
Maintenance of Buildings, Fixtures and Grounds 
Depreciation of Way and Structures . 



Total Way and Structures . 

Equipment 
Superintendence of Equipment 
Maintenance of Cars and Motor Buses 
Maintenance of Electric Equipment of Cars 

Shop Expenses 

Miscellaneous Equipment 

Depreciation of Equipment .... 



Total Equipment 



Power 

Superintendence of Power 

Maintenance of Power Plants 

Depreciation of Power Plant Buildings and Equipment 

Operation of Power Plants 

Gasoline for Motor Buses 



Total Power 



57,279.37 
134,200.15 

40,619.23 

1,817,87 

251,601.08 

440,521.97 

948,480.00 



$303,905.83 

1,489,378.09 

154,855.81 

134,119.10 

44,999.83 

9,453.72 

215,937.90 

413,035.40 

998,400.00 



$3,609,423.66 , $3,764,085.68 



$173,140.82 

1,903,988.80 

518,638.43 

277,541.64 

90,147.05 

1,298,341.73 



$167,826.19 

1,826,612.25 

499,414.17 

275,831.75 

98,542.16 

1,401,500.15 



$4,261,798.47 

$108,784.87 
282,168.73 
424,320.00 

1,514,537.32 
175,713.74 



$4,269,726.67 

$102,989.93 
319,280.67 
424,320.00 

1,505,440.65 
163,265.43 



$2,505,524.66 



$2,515,296.68 



1926 



$315,904.35 

1,563.886.79 

484,165.12 

134,325.06 

51,306.27 

17,751.08 

278,423.82 

403,323.74 

973,440.00 



$4,222,526.23 

$170,097.64 

1,882,658.47 

568,469.62 

336,538.18 

96,740.49 

1,369,081.52 



$4,423,585.92 

$104,869.92 
300,645.15 
499,200.00 

1,574,656.26 
162,404.00 



$2,641,775.33 



23 



Operating Expense Accounts— Concluded 



Conducting Transportation 



1928 



Superintendence of Transportation .... 
Passenger Conductors, Motormen, Trainmen and Bus 

Operators 

Freight Conductors, Motormen and Trainmen 
Miscellaneous Car and Bus Service Employees 
Miscellaneous Car and Bus Service Expenses 

Station Employees 

Station Expenses 

Car House and Bus Garage Employees 

Car House and Bus Garage Expenses 

Operation of Signal and Telephone and Telegraph Lines 

Other Transportation Expenses 

Total Conducting Transportation .... 

Traffic 
Traffic 

General and Miscellaneous 
Salaries and Expenses of General Officers and Clerks 

General Office Supplies and Expenses 

Law Expenses 

Relief Department Expenses, Pensions and Gratuities 

Miscellaneous General Expenses 

Injuries and Damages 

Insurance 

Stationery and Printing 

Store, Garage and Stable Expenses 

Rent of Tracks and Facilities 

Rent of Equipment 

Total General and Miscellaneous .... 

Transportation eor Investment 
Total Operating Expenses 



$1,334,358.64 

6,897,622.41 
91.62 
255,713.52 
145,023.75 
659,353.50 
326,675.11 
941,655.44 
95,895.12 
289,280.69 
221,836.70 



$11,167,506.50 

$33,309.63 

$473,324.17 

121,113.54 

41,901.02 

278,746.83 

153,871.06 
1,502,313.56 

230,125.89 
79,113.83 

343,587.56 
22,482.14 
24,933.75 



1927 



$3,271,513.35 

*$8,887.58 
$24,900,188.69 



$1,346,699.40 

7,065,596.01 
104.38 
255,557.12 
219,989.70 
684,839.97 
307,104.02 
948,648.18 
88,269.40 
282,499.62 
236,751.88 



$11,436,059.68 

$31,862.88 

$463,791.66 

122,196.45 

44,836.32 

233,026.96 

147,356.07 

1,391,017.72 

256,161.44 

91,776.97 

340,961.51 

23,730.09 

7,748.80 



1926 



$1,317,190.37 

7,461,960.76 
5,136.58 
267,078.76 
200,526.45 
799,755.11 
311,021.50 

1,008,023.07 

76,228.78 

281,253.91 

196,342.45 



$11,924,517.74 

$6,139.22 

$470,273.98 

128,058.32 

45,734.60 

205,745.05 

126,979.49 

1,107,063.84 

262,944.11 

95,839.21 

384,545.60 

39,331.75 

7,462.22 



$3,122,603.99 $2,873,978.17 



*$7,302.77 
$25,132,332.81 



♦$16,254.50 
$26,076,268.11 



•Credit 



24 
Appendix 11 



Boston Elevated Railway 

Allocation of Cost ofSepvice 
per Passenger 

12 Months Ended December 31, 1928 
Aver ageReceipts per Revenue Passenger 9.62S* 

Cost of Service 9,6 J<45WrRevehueB^enger 
divided as follows 




25 

Appendix 12 
Road and Equipment Investment 



Account 



A/c 501 
502 
503 
504 
505 
506 
507 
508 
510 
511 
512 
513 
514 
515 
516 
517 
518 
519 
520 
521 
523 
524 
525 



A/c 530 
532 
533 
536 
537 
538 



A/c 539 
540 
542 
543 
544 



A/c 546 
547 
548 
549 
550 



Way and Structures 

Engineering and Superintendence . 

Right cf Way 

Other Land 

Grading 

Ballast 

Ties 

Rails, Rail Fastenings and Joints . 

Special Work 

Track and Roadway Labor 

Paving 

Roadway Machinery and Tools 
Tunnels and Subways . . . 
Elevated Structures and Foundations . 
Bridges, Trestles and Culverts . 
Crossings, Fences and Signs 
Signals and Interlocking Apparatus 
Telephone and Telegraph Lines 

Poles and Fixtures 

Underground Conduit 

Distribution System 

Shops, Car Houses and Garages 
Stations, Misc. Buildings and Structures 
Wharves and Docks 

Total Way and Structures . 
Equipment 

Passenger Cars and Buses .... 

Service Equipment 

Electric Equipment of Cars 

Shop Equipment 

Furniture . 

Miscellaneous Equipment .... 

Total Equipment 

Power 

Power Plant Buildings 

Sub Station Buildings 

Power Plant Equipment .... 
Sub Station Equipment .... 
Transmission System 

Total Power 

General and Miscellaneous 

Law Expenditures . . . 
Interest during Construction 

Injuries and Damages 

Taxes 

Miscellaneous 

Total General and Miscellaneous . 
Total Road and Equipment . 



Total 
Dec. 31, 1928 



$1,771,879.54 

11,446,326.60 

5,505,267.28 

256,582.65 

763,224.34 
1,005,551.75 
2,807,502.60 
4,504,315.71 
4,338,218.19 
1,625,045.68 

262,465.65 

322,278.94 
5,734,943.16 
1,916,180.08 

124,148.21 

1,106,026.72 

99,528.77 

661,107.47 
1,779,979.47 
4,036,308.96 
7,247,024.82 
4,129,545.05 

232,301.20 



$61,675,752.84 



$19,248,856.43 

1,041,780.80 

8,574.161.14 

715,869.00 

181,473.16 

457,651.32 



$30,219,791.85 



$5,738,128.78 

505,361.18 

9,190,638.34 

1,9§9,426.02 

1,325,644.16 



$18,729,198.48 



$250.00 

1,752,274.78 

7,500.00 

161,349.02 

18,181.66 



$1,903,192.14 



$112,527,935.31 



Total 
Dec. 31, 1927 



$1,771, 

11,446, 

6,212, 

252, 

750, 
1,023, 
2,892, 
4.507, 
4,328, 
1,591, 

251, 

320, 
5,734, 
1,915, 

124, 

1,109, 

99, 

682, 
1,797, 
4,091, 
7,289, 
4,121. 

232, 



879.54 
457.23 
464.54 
206.94 
139.08 
203.11 
538.97 
335.02 
908.55 
989.62 
919.21 
912.28 
943.16 
030.08 
148.21 
718.71 
528.77 
553.35 
997.82 
273.55 
443.59 
683.09 
301.20 



$62,548,575.62 



$18,296,143.40 

1,115,451.03 

8,795,610.49 

671,237.89 

163,380.24 

496,123.15 



$29,537,946.20 



$5,864,085.15 

479,531.54 

9,314,078.89 

1,749,312.61 

1,262,582.98 



$18,669,591.17 



$250.00 

1,750,460.81 

7,500.00 

161,349.02 

18,181.66 



$1,901,378.17 
$112,657,491.16 



Note: — Bold denotes credits. 



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so 



Appendix 15 
Investment in Road Owned and Leased December 31, 1928 



Boston Elevated Railway 

Road and Equipment .... 
Miscellaneous Physical Property . 



$112,527,935.31 
745,278.67 



Total Boston Elevated Railway Investment $113,273,213.98 



Leased Lines 

Hyde Park Transportation Dist. 

(City of Boston) . . 
Eastern Mass. St. Ry. Co. (Part Leased) 

Old Colony Lines, W. Roxbury $680,355.48 
Boston & Northern Lines, East 

Boston 18,081.95 

Boston & Northern Lines, Mid- • 

dlesex Fells Line .... 29,546.01 

Expenditures for Additions and 

Betterments 187,332.15 



$231,099.45 



Total East. Mass. St. Ry. Co. 
Total Leased Lines . 



915,315.59 



1,146,415.04 



City of Boston Investment 

Boylston Subway 

Cambridge Connection 
Dorchester Tunnel . 
*Dorchester Rapid Transit Ext. 
East Boston Tunnel . . . . 
East Boston Tunnel Extension 

Tremont Subway 

Washington Tunnel .... 



$6,470,757.94 
1,650,836.11 

12,145,351.79 
8,000,000.00 
7,170,199.26 
2,334,494.83 
4,387,678.03 
7,943,722.06 



Total City of Boston Investment 50,103,040.02 



Commonwealth of Massachusetts Investment 
Cambridge Subway .... 



$7,964,000.00 



Total Commonwealth of Massachusetts Investment . 
TOTAL INVESTMENT IN ROAD OWNED AND LEASED 



7,964,000.00 
. $172,486,669.04 



rental. 



•Estimated expenditures for portion as far as Ashmont Station upon which Railway is now paying 
il 



31 

Appendix 16 

City and State Investment in Subways, Tunnels and Rapid 
Transit Lines— December 31, 1928 



Con- 
struction 
Length 
Miles 



Investment 



1928 
Rental 



Owned by City of Boston 

Boylston Subway 

Cambridge Connection .... 

Dorchester Tunnel 

*Dorchester Rapid Transit Extension 

East Boston Tunnel 

East Boston Tunnel Extension . 

Tremont Subway 

Washington Tunnel 



Total— City of Boston . 

Owned by Commonwealth of Massachusetts 
Cambridge Subway . 



GRAND TOTAL 



1.503 
.470 
2.485 
3.756 
1.518 
.411 
1.698 
1.157 



12.998 



2.722 



15.720 



$6,470,757.94 
1,650,836.11 

12,145,351.79 
8,000,000.00 
7,170,199.26 
2,334,494.83 
4,387,678.03 
7,943,722.06 

$50,103,040.02 



7,964,000.00 
158,067,040.02 



$291,125.06 
80,335.88 
555,605.48 
90,000.00 
322,651.45 
105,052.28 
197,431.35 
357,458.69 



$1,999,660.19 



399,740.00 



$2,399,400.19 



rental. 



'Estimated expenditures for portion as far as Ashmont Station upon which Railway is now paying 



32 



Appendix 17 
Investment, Passenger Revenue and Gross Income 1897 to Date 









Year Ended 


Investment 


Permanent 
Investment 


Passenger 
Revenue 












Per $1 
Pass. 
Rev. 


Per $1 

Gross 

Inc. 


Gross 
Income 


Dec. 


31, 


1928 . 










$172,486,669.04 


5.13 


$4.95 


$33,616,877.00 


$34,843,147.51 


Dec. 


31, 


1927 










163,901,383.91 


4.82 


4.67 


34,000,570.95 


35,193,410.03 


Dec. 


31, 


1926 














159,025,141.62 


4.62 


4.48 


34,393,953.90 


35,481,813.38 


Dec. 


31, 


1925 














156,474,884.41 


4.63 


4.53. 


33,790,441.73 


34,547,379.61 


Dec. 


31, 


1924 














155,490,852.91 


4.65 


4.54 


33,419,172.22 


34,175,319.61 


Dec. 


31, 


1923 














149,001,108.85 


4.48 


4.37 


33,297,951.50 


34,096,813.26 


Dec. 


31, 


1922 














143,345,873.68 


4.50 


4.38 


31,834,022.77 


32,699,176.37 


Dec. 


31, 


1921 














141,345,133.42 


4.38 


4.25 


32,253,629.59 


33,277,025.53 


Dec. 


31, 


1920 














139,156,058.00 


4.20 


4.09 


33,108,946.48 


34,031,636.44 


Dec. 


31, 


1919 














138,117,974.50 


4.84 


4.68 


28,767,544.11 


29,498,582.82 


Dec. 


31, 


1918 














134,181,073.47 


6.59 


6.37 


20,352,412.11 


21,062,962.82 


Dec. 


31, 


1917 














121,807,319.67 


6.40 


6.15 


19,030,940.62 


19,818,407.01 


June 


30, 


1916 














117,116,007.58 


6.45 


6.24 


18,148,646.75 


18,781,327.74 


June 


30, 


1915 














113,166,182.04 


6.55 


6.33 


17,290,203.30 


17,886,549.64 


June 


30, 


1914 














106,990,919.12 


6.24 


6.02 


17,136,776.63 


17,785,978.25 


June 


30, 


1913 














105,019,587.59 


6.45 


6.19 


16,289,918.96 


16,968,328.33 


June 


30, 


1912 














101,864,058.69 


6.58 


6.17 


15,491,051.71 


16,522,542.00 


June 


30, 


1911 














92,904,910.27 


6.10 


5.81 


15,227,984.08 


15,980,707.94 


Sept. 


30, 


1909 














81,592,634.49 


5.82 


5.63 


14,024,768.39 


14,493,853.13 


Sept. 


30, 


1908 














70,957,716.76 


5.20 


5.04 


13,628,383.20 


14,074,696.51 


Sept. 


30, 


1907 












65,979,896.07 


4.87 


4.71 


13.546,779.20 


14,011,167.72 


Sept. 


30, 


1906 . 












59,873,910.46 


4.57 


4.39 


13,109,316.03 


13,634,612.49 


Sept. 


30, 


1905 














57,187,809.61 


4.64 


4.49 


12,337,867.16 


12,741,569.30 


Sept. 


30, 


1904 . 














51,886,524.39 


4.30 


4.13 


12,078,800.39 


12,436,593.79 


Sept. 


30, 


1903 














48,398,610.91 


4.15 


4.03 


11,666,906.60 


12,019,371.26 


Sept. 


30, 


1902 














46,466,591.31 


4.20 


4.10 


11,060,385.40 


11,321,030.13 


Sept. 


30, 


1901 














44,087,939.53 


4.17 


4.06 


10,562,533.45 


10,869,496.33 


Sept. 


30, 


1900 . 






• 








37,793,501.62 


3.80 


3.69 


9,948,438.78 


10,236,994.49 


Sept. 


30, 


1899 














33,187,250.79 


3.51 


3.40 


9,449,928.89 


9,756,136.25 


Sept. 


30, 


1898 . 














31,251,811.90 


3.48 


3.38 


8,967,587.56 


9,257,252.94 


Sept. 


30, 


1897 . 














25,291,913.22 


2.96 


2.90 


8,536,285.83 


8,719,031.78 









The permanent investment represents the actual money expended for property operated, owned and 
leased, including subways, tunnels and rapid transit lines owned by the City of Boston and Commonwealth 
of Massachusetts. 



33 

Appendix 18 
Per Cent of Maintenance and Depreciation to Gross Earnings 



Year ending 



December 31, 1928 
December 31, 1927 
December 31, 192G 
December 31, 1925 
December 31, 1924 
December 31, 192:; 
December 31, 1922 
December 31, 1921 
December 31, 1920 
December 31, 1919 



Gross Earnings 



$34,843,147.51 
35,193,410.03 
35,481,313.38 
34,547,379.61 
34,175,372.73 
34,096,813.26 
32,699,176.37 
33,277,025.53 
34,031,686.44 
29,498,582.82 



Maintenance 
and Depreciation 



$8,595,987.73 
8,639,138.59 
8,977,312.93 
8,381,452.23 
8,694,550.21 
7,977,110.77 
7,524,999.83 
7,777,505.22 
8,078,269.69 
8,650,266.57 



Per Cent 



24.67 
24.55 
25.30 
24.26 
25.44 
23.40 
23.01 
23.37 
23.74 
29.32 



Gross earnings include, in addition to car fares collected, receipts from advertising privileges, news 
stands and station privileges, rentals and income from various miscellaneous sources. 



34 



Appendix 19 
Distribution of Tax Payments in 1928 



Arlington 

Belmont 

Boston 

Brookline 

Cambridge 

Chelsea 

Everett 

Maiden 

Medford 

Newton 

Somerville 

Watertown 

Commonwealth of Massachusetts 
United States of America . 

Total Taxes Paid in 1928 . 



Real Estate 

and Personal 

Property Taxes 



$9,724.70 

1.66 

739,114.56 

7,102.00 

105,839.98 

1,176.70 

85,812.55 

3,691.71 

11,514.51 

276.00 

33,864.16 

2,565.00 



$1,000,683.53 



Corporate 

Franchise 

Tax 



$5,184.27 

5,047.92 

171,142.80 

10,619.02 

28,117.96 
2,138.94 

10,276.64 
7,513.02 
8,767.19 
1,249.37 

17,865.94 
6,511.72 
6,499.71 



$280,934.50 



Federal 

Income 

Tax 



484,207.14 



$484,207.14 



Total 
Taxes Paid 



$14,908.97 

5,049.58 

910,257.36 

17,721.02 

133,957.94 

3,315.64 

96,089.19 

11,204.73 

20,281.70 

1,525.37 

51,730.10 

9,076.72 

6,499.71 

484.207.14 



$1,765,825.17 



35 



Appendix 20 



History of the 1919 Loan Assessment on Cities and Towns 
Chapter 159, Special Acts 1918 



Cities and Towns 


Original 
Assessment 


Total 
Repayments 


Balance 
Due 




$2,863,042.50 


$1,885,488.30 


$977,554.20 




386,397.11 


254,466.02 


131,931.09 




167,090.75 


110,038.43 


57,052.32 




101,621.23 


66,923.00 


34,698.23 




81,449.82 


53,640.18 


27,809.64 




76,112.44 


50,124.98 


25,987.46 




74,727.35 


49,211.36 


25,515.99 




56,155.96 


36,982.97 


19,172.99 




44,267.25 


29,153.14 


15,114.11 




40,426.40 


26,622.46 


13,803.94 




37,079.09 


24,419.26 


12,659.83 




25,552.57 


16,828.78 


8,723.79 


'Commonwealth of Massachusetts . 


26,229.20 


26,229.20 




^Commonwealth of Massachusetts . 




690.24 


$690.24 




$3,980,151.67 


$2,630,818.32 


$1,349,333.35 



Based on traffic counts made July 24, 25, 26, 27, 1919, in accordance with the provisions of Section 
14, Chapter 159, Special Acts 1918. 

'Assessment of Quincy and Stoneham assumed by Commonwealth of Massachusetts. 

fExpense to Commonwealth of Massachusetts for financing Loan (to be assessed to cities and towns 
pr* rata to their original contributions). 

REPAYMENTS 

July, 1922 $ 517,196.45 

Tuly, 1923 1,114,557.82 

July, 1925 20,581.33 

July, 1926 22,304.46 

July, 1927 60,660.25 

July, 1928 895,518.01 

Total Repayment . $2,630,818.32 

tCredit. 



36 



Appendix 21 
Outstanding Capital Stock December 31, 1928 



No. Shares 


Par Value 
Shares 


Net 
Premium 


Amount 
Realized 


Date of 
Approval by 
Commission 


Yearly 
Dividend 


Dividends 
Payable 


First Preferred Stock 


64,000 


$6,400,000 




$6,400,000.00 


Nov. 11, 1887 


8% S Jan. 1 
$512,000.00 1 July 1 


Second Preferred Stock 



800 

4,640 

9,560 

40,000 

35,850 

4.542^ 

1,500 

4,200 

10,109 

13,900 

2,200 

2,800 

4,350 

5,847 



140,298* 



6,303it 



$80,000 

464,000 

956,000 

4,000,000 

3,585,000 

454,250 

150,000 

420,000 

1,010,900 

1,390,000 

220,000 

280,000 

435,000 

584,700 



$14,029,850 



630,350 



786,934.15* 

360,720.87 

119,970.83 

290,506.25 

420,393.13 

710,385.37 

102,034.38 

90,534.38 
121,892.31 

16,039.50 



$80,000.00 

464,000.00 

956,000.00 

4,000,000.00 

4,371,934.15 

814,970.87 

269,970.83 

710,506.25 

1,431,293.13 

2,100,385.37 

322,034.38 

370,534.38 

556,892.31 

600,739.50 



Sept. 

Sept. 

Jan. 

Aug. 

June 

Mar. 

July 

Mar. 

Dec. 

Sept. 

Feb. 

Apr. 

Mar. 

Mar. 



$3,019,411.17 ! $17,049,261.17 
$786,934.15* 786,934.15* 



$2,232,477.02 ' $16,262,327.02 



133,995 



$13,399,500 



$2,232,477.02 $16,262,327.02 



7, 


1887 


7, 


1887 


24, 


1889 


22, 


1889 


19, 


1891 


19, 


1903 


27, 


1904 


30, 


1907 


20, 


1907 


15, 


1910 


13, 


1913 


14, 


1914 


9, 


1915 


24. 


1917 



7% f Apr. 1 

$937,965.00 1 Oct. 1 



Preferred Stock 



30,000 



$3,000,000 



$3,000,000.00 



I Chap. 159— 
j Spec. Acts 1918 



7% S July 1 
$210,000.00 I Jan. 1 



Common Stock 



5,000 
95,000 
33,000 
66,500 
39,294 



238,794 



$500,000 
9,500,000 
3,300,000 
6,650,000 
3,929,400 



$23,879,400 



$1,815,000.00 
695,958.13 
196,470.00 



$2,707,428.13 



$500,000.00 
9,500,000.00 
5,115,000.00 
7,345,958.13 
4,125,870.00 



$26,586,828.13 



July 
July 



26, 1897 
6, 1900 
Aug. 22, 1902 
Dec. 18, 1908 
Dec. 6, 1912 



6% 
$1,432,764.00 



Apr. 1 

July 1 

Oct. 1 

Jan. 1 



^Credited to Surplus by W. E. St. Ry. Co. prior to 1898. 

tShares Second Preferred Stock retired from income of Special Trust Fund since June 10, 1922. 



37 

Appendix 22 
Outstanding Funded Debt December 31, 1928 



Par 

Value 


Rate 


Maturity 


Net Pre- 
mium or 
Discount 


Amount 
Realized 


Date of 
Approval by 
Commission 


Yearly 
Interest 


Ce. 


$3,000,000 


% 


June 


1, 


1933 


♦$180,000.00 


$2,820,000.00 


May 10, 1923 


$180,000.00 


B. E. 


2,088,000 


8 % 


Mar. 


1, 


1931 


24.315.82 


2,122,315.82 


Feb. 15, 1924 


125,880.00 


B. E. 


1,581,000 


5V 2 % 


Aug. 


1, 


1934 


♦5,027.58 


1.575,972.42 


. June 19, 1924 


80,955.00 


B. E. 


7,500,000 


4 % 


May 


1. 


1935 


27(5,900.00 


7.77G.900.0O 


Apr. 7, 1905 


300,000.00 


B. E. 


1,000,000 


4 % 


May 


1. 


1933 


♦55,000.00 


945.000.00 


June 15, 1907 


40,000.00 


B. E. 


1,926,000 


5 % 


Feb. 


1, 


1937 


♦23,131.20 


1.902,838.74 


Mar. 2, 1925 


90,300.00 


B. E. 


2,700,000 


5 % 


Feb. 


1. 


1937 


♦32,427.00 


2,<;<>7.573.00 


Dec. 9, 1920 


135,000.00 


B. E. 


1,883,000 


5 % 


Feb. 


1, 


1937 


♦7,420.90 


1,877,573.10 


Dec. 9, 1920 


94,250.00 


B. E. 


4,800,000 


4%% 


Oct. 


1. 


1937 


♦29,585,04 


4,770,414.00 


June 15, 1907 


210,000.00 


B. E. 


5,000.(ni(! 


Wz% 


Nov. 


1. 


1941 


♦100,000.00 


J. 900.000.00 


Oct. 17, 1911 


225,000.00 


B. E. 


4,000,000 


5 % 


Dec. 


1. 


1942 


♦80,000.00 


3.920,000.00 


Dec. 0, 1912 


200,000.00 


B. E. 


1,000.000 


5 % 


Dec. 


1, 


1942 


♦78,940.00 


921.000.00 


May 27, 1914 


50,000.00 


B. E. 


3,286,000 


5 % 


Dec. 


1, 


1942 


♦201,779.70 


3,024,220.24 


Nov. 9, 1915 


104,300.00 


B. E. 


$39,776,000 




850,000 


4%% 


July 


1. 


1930 


255.00 


830,255.00 


July 2, 1910 


38,250.00 


W. E. 


754,000 


4%% 


July 


1, 


1930 


28,727.40 


782,727.40 


Apr. 4, 1912 


33,930.00 


W. E. 


3,559,000 


4 % 


Aug. 


1, 


1932 


72,508.01 


3.031,508.01 


Sept. 18, 1902 


142,300.00 


W. E. 


700,000 


4 % 


Aug. 


1, 


1932 


33,251.00 


733,251.00 


Dec. 1, 1903 


28,000.00 


W. E. 


750,000 


4 % 


Aug. 


1, 


1932 


38,227.50 


788,227.50 


Sept. 1, 1904 


30,000.00 


W. E. 


200,000 


4 % 


Aug. 


1, 


1932 


11,860.00 


211,800.00 


Feb. 11, 1905 


8,000.00 


W. E. 


500.000 


4 % 


Aug. 


1, 


1932 


2,290.00 


502,290.00 


Dec. 12, 1900 


20,000.00 


W. E. 


600,000 


5 % 


Nov. 


1, 


1932 


24.888.00 


024,888.00 


Feb. 13, 1913 


30,000.00 


W. E. 


815,000 


5 % 


May 


1. 


1930 


5,780.50 


820,780.50 


Apr. 6, 1910 


40,750.00 


W. E. 


2.(500.000 
570,000. 


5 % 

7 % 


Mar. 
Sept. 


1, 

1. 


1944 
1947 


112.832.07 
399.00 


2.712.832.07 

570.399.00 


S Feb. 4, 1914 
( Apr. 14, 1914 
j Apr. 24, 1917 
( Sept. 4, 1917 


130,000.00 
39,9^0.00 


W. E. 
W. K. 


$11,898,000 




$51,674,000 


♦221,011.24 


$51, 452,988.70 


$2,454,875.00 





Discount 



38 
Appendix 23 

RESERVE FUND 

Balance January 1, 1928 $477,835.34 



Excess of Cost of Service over Receipts 

July 

August .... 
September 



$331,329, 
398,356, 
204,840. 



58 
82 
30 



$934,526.70 



Excess of Receipts over Cost of Service 
January 
February 
March 
April 
May . 
June . 
October 
November 
December . 



Excess for the Year of Receipts over Cost of Service 



$191,381 

75,469 

159,985, 

43,542, 

93,645 

179,790 

3,135 

2,583, 

225,043 



71 
39 
97 
45 
42 
77 
31 
64 
06 



$974,577.72 



Profit and Loss Items Credit 



Amount Refunded to Commonwealth of Massachusetts, July 1, 1928 
Balance ........... 



$ 40,051.02 

$517,886.36 
672,538.40 

$1,190,424.76 
895,518.01 

$294,906.75 



39 

Appendix 24 



BOSTON ELEVATED RAILWAY COMPANY, TRUSTEE 

Statement of Special Trust Fund, December 31, 1928 



Principal of Trust Fund as established ....... 

Accretions and accumulations to December 31, 1928 . 

Total Special Trust Fund Principal ...... 

Income from June 10, 1922, to December 31, 1928 . . $654,752.32 
Less amount paid on account of retirement of 
Second Preferred Stock, as follows: 

718% shares purchased July, 1923 . . $72,193.40 

919 shares purchased July, 1924 . . 90,319.68 

1,116 shares purchased July, 1925 . . 111,685.37 

1,030 shares purchased July, 1926 . . 108,647.00 

1,020% shares purchased July, 1927 . . 107,437.45 

877% shares purchased July, 1928 . . 95,399.25 

622 shares purchased November, 1928 . 64,909.65 



650,591.80 



$1,500,000.00 
634,495.86 

$2,134,495.86 



Balance of income not used 
Total .... 



4,160.52 



$2,138,656.38 



Investments December 31, 1928 
Cash on Deposit December 31, 1928 



!,133,680.34 
4,976.04 



Total $2,138,656.38 



E. L. Grimes Printing Co. Boston 



Annual Report 



OF THE 



PUBLIC TRUSTEES OF THE BOSTON 
ELEVATED RAILWAY 



FOR THE 



Year Ending December 31, 1929 




Annual Report 



OF THE 



PUBLIC TRUSTEES OF THE BOSTON 
ELEVATED RAILWAY 



FOR THE 



Year Ending December 31, 1929 



BOARD OF TRUSTEES 

(Appointed by the Governor of Massachusetts, pursuant to 
Chapter 159 of the Special Acts of 1918) 

HENRY I. HARRIMAN, Chairman 
CHARLES H. COLE ERNEST A. JOHNSON* 

GEORGE B. JOHNSON EDWARD E. WHITING 

OFFICERS 

(Appointed by the Trustees) 

EDWARD DANA General Manager 

HENRY L. WILSON Treasurer 

JOHN H. MORAN . General Auditor 

H. WARE BARNUM General Counsel 

RUSSELL A. SEARS General Attorney 



*Ernest A. Johnson was appointed October 10, 1929, to fill the unexpired term of 
Stanley R. Miller, resigned. 



REPORT OF THE BOARD OF PUBLIC TRUSTEES 

OF THE 

BOSTON ELEVATED RAILWAY 
TABLE OF CONTENTS 



Data of Operation .... 










Page 
5 


Anthony N. Brady Memorial Medal 










5 


Accident Reduction .... 










5 


Increase in Fixed Charges 










. 6 7 


Revenue Exceeds Cost of Service 










6 


Important Improvements 










. 6, 7 


Relations with Labor Organizations 










6 


Road and Equipment Account 










7 


Equipment Changes 










7 


Service Changes 










7 


Traffic Congestion 










7 


Surface Schedules 










7 


Service Delays 










8 


Recommendation for Extension of Rapid Transit . 






8 


Appendixes 


1. Comparative Division of Receipts and Expenditures . 9 


2. Traffic Statistics 10 


3. Comparative Passenger Statistics — Revenue Passengers 


4. Comparison of Revenue Passengers 
Months — Average per day (Grap 


Carr 
h) . 


ied f( 


Dr T\ 


velve 


11 



5. Comparison of Revenue Passengers Carried for Eight 

Months, Excluding June, July, August and September 
— Average per day (Graph) 

6. Comparison of Revenue Passengers Carried for Five 

Months — January, February, March, November, De- 
cember — Average per day (Graph) .... 



12 



13 



4 



7. Passenger Cars and Buses Owned .... 

8. Public Accountants' Certification .... 

9. General Balance Sheet 

10. Income Statement 

11. Operating Expense Accounts 

12. Allocation of Cost of Service per passenger (Graph) 

13. Road and Equipment Investment .... 

14. Revenue Passengers Carried — 1897 to 1929 

15. Revenue Mileage 

16. Investment in Road Owned and Leased by Boston Ele 

vated Railway . 

17. City and State Investment in Subways, Tunnels and 

Rapid-Transit Lines, Dec. 31, 1929 . 

18. Investment, Passenger Revenue and Gross Income, 1897 

to date 

19. Per Cent of Maintenance and Depreciation to Gross 

Earnings 

20. Comparative Power Statistics 

21. Distribution of Tax Payments in 1929 

22. History of 1919 Loan Assessment on cities and towns 

23. Outstanding Capital Stock, Dec. 31, 1929 

24. Outstanding Funded Debt, Dec. 31, 1929 . 

25. Reserve Fund 

26. Special Trust Fund ....... 



14 
15 

16 

20 
22 
24 
25 
26 
28 

30 

31 

32 

33 
33 
34 
35 
36 
37 
38 
39 



REPORT OF THE BOARD OF PUBLIC TRUSTEES 

of the 
BOSTON ELEVATED RAILWAY 



The Public Trustees of the Boston Elevated Railway Company 
respectfully submit their eleventh annual report. 

The experience of the Boston Elevated Railway during recent 
years emphasizes the fact that while holiday, Sunday and summer 
riding has been declining, use of the road for purposes of necessary 
transportation has remained practically constant. 

The gross income during the calendar year 1929 decreased 
$746,524.48 as compared with 1928. This indicates a loss of 2.14%. 
A factor to be considered in comparing figures for the two years is 
the fact that 1928, a leap year, had one more day than 1929. Mak- 
ing allowance for the additional leap year day makes the percentage 
decrease in gross income 1.84%. The task of the Boston Elevated 
Railway is to move large numbers of people to and from their work 
and about their business, particularly in the rush hours of morning 
and evening. This imposes a heavy strain on the road's facilities 
at particular times and emphasizes the vital importance of such 
transportation maintained on a basis economically sound as well as 
efficient from an operating point of view. 

That the road has been operated efficiently during the past 
year is indicated by the fact that although there were about 6,000,000 
more car miles of operation in 1929 than in 1922 and although many 
operating expenses including wages have advanced since then, the 
operating expenses of the road for 1929 were $24,024,747.23, the 
lowest since 1922. 

That the road has been operated with an increasingly effective 
consideration for the safety of its riders and its employees is shown 
by the gratifying fact lately made public that the Anthony N. Brady 
Gold Memorial Medal was awarded by the American Museum of 
Safety to the Boston Elevated Railway for its record in this field 
during 1928, as doing most "to conserve the safety and health of the 
public and its employees." The policy and practice of safety educa- 
tion among the employees of the road are bearing gratifying fruit. 

During 1929 the company has continued an organized and ex- 
tensive campaign to reduce accidents and to lessen the suffering and 
loss caused by such accidents. A group of inspectors are regularly 
employed to observe the work of individual motormen from the 
point of view of safe operation. Expert study has been made of the 
cause of accidents and special attention has been directed towards 
elimination of such causes. In addition, all rapid transit motormen 
and all other employees over 40 years of age actively engaged in 



transportation are annually examined by physicians to discover any 
physical defects which might produce accidents. 

Subway and tunnel rentals paid by the Elevated to the City of 
Boston were increased by $261,017.20 during 1929 as compared with 
the preceding year. This is accounted for by the Dorchester Rapid 
Transit Extension, upon which the railway at the present time is 
paying an annual rental of $419,668.65 based upon the estimated 
expenditures on this extension as far as Ashmont. During the year 
1930 the Elevated will be called upon to assume the rental upon the 
balance of this extension to Mattapan. It is estimated that the total 
expenditure upon this rapid transit extension will be approximately 
$12,000,000, which will necessitate an annual rental charge to be 
paid by the Elevated of $540,000. 

Notwithstanding the decrease in gross revenue and the added 
rapid transit rental, operation of the road was conducted with such 
constructive economies that the total revenue for the year 1929 ex- 
ceeded the cost of service by $94,072.64, as compared with $40,051.02 
for the preceding year. It is important to emphasize here that these 
economies have been effected while at the same time service as a 
whole has been improved. 

The most important addition to service during the year was the 
extension of the Dorchester Rapid Transit beyond Ashmont, first to 
Milton on August 26 and finally to Mattapan on December 21. The 
degree to which this extension to Mattapan better serves the public 
is suggested by the fact that an average of about 10,000 persons 
avail themselves of this improved service in each direction, or about 
20,000 persons per day. Traffic counts indicate that about 20,000 
more passengers are using the Dorchester Tunnel in each direction 
than did so before its extension beyond Andrew Square. While pre- 
sumably the larger proportion of this number formerly used other 
lines of the Elevated, it is strongly indicated that this extension of 
rapid transit service has added substantially to the patronage of the 
Elevated Railway. About 50,000 persons are using the Dorchester 
Rapid Transit Extension in each direction to some point beyond 
Andrew Square. These 50,000 thus are receiving direct benefit from 
this extension of rapid transit service. The trustees emphasize this 
as highly significant and as eloquent suggestion for the future de- 
velopment and improvement of the railway. The popular demand 
for rapid transit is accurately reflected in the liberal use of it as 
soon as it is provided. 

A second important improvement in service has been the opera- 
tion of the three-car trains which formerly stopped at Kenmore, now 
continuing out Beacon Street to Washington Square. This has given 
a considerable section enlarged and improved service of which the 
public shows its appreciation. The service on the Beacon Street 
line has by this improvement been increased approximately 50%. 

Relations with various labor organizations have never been on a 
fairer or better basis than at present and a contract with the operat- 
ing employees has been executed running for a period of two years 
instead of the usual term of one year. 



Attention is called to the fact that the subway rentals for the 
12 months previous to the trustees assuming control in 1918 were 
$991,551.30, whereas for the year 1929 these rentals amounted to 
$2,650,371.31. 

The Road and Equipment account stands at $112,787,510.53 as 
compared with a total of $112,527,935.31 at the close of 1928. 

Such capital expenditures as were necessary to secure economies 
were made without exceeding the value of other property retired 
from service. 

During the year a new garage was constructed on land owned 
by the company at the corner of Bartlett and Washington Streets, 
Roxbury. 

A new trestle was provided at Everett Station to insure safety 
of operation. 

The escalator at Sullivan Square Terminal was replaced with 
stairs and a ramp. 

A platform was provided at Chestnut Hill terminus for the 
convenient interchange of passengers between the Boston, Worcester 
& New York St. Ry. Co. cars and the Boston Elevated cars. 

New substations were constructed at Harvard Square and 
Watertown preparatory to the complete abandonment of Harvard 
Power Station which has been sold to Harvard University. 

In line with the policy previously pursued, 8 more No. 3 semi- 
convertible cars were converted into powerful snow plows in lieu of 
purchasing new plows. 

The Bay View section of South Boston has been provided with 
motor bus service using the most modern type of motor vehicle. 

Several bus lines established for trial periods and found not to 
be self-supporting were discontinued. 

Belt bus line service was inaugurated in Dorchester running 
from Fields Corner to Fields Corner via Uphams Corner, Eaton 
Square, Codman Square and Peabody Square. 

New entrance was provided at Columbia Station of the Dor- 
chester Tunnel. 

The Eastern Massachusetts Street Railway Company was given 
permission to operate its buses to Ashmont Terminal in the interest 
of better service to East Milton section. 

Motor buses replaced cars on the Norfolk Street line in Dor- 
chester. 

Twenty-seven motor buses were added during the year, all of 
which were of the metropolitan coach modern type with greater 
seating capacity. 

The trustees of the Railway are convinced that where there is a 
decrease in riding it is largely the result of the inevitable slowing up 
of service due to congestion on highways, particularly at important 
intersections such as Governor Square, the Cottage Farm Bridge, 
etc. The surface schedules of the Elevated are based upon an average 
speed of approximately 10 miles per hour, but during the congested 
hours of the morning and evening this schedule is frequently slowed 
down to from 6 to 7 miles per hour due to no fault of the Elevated 



8 

but to continuous delay at street intersections. This results in 
crowded and irregular service and general waste of time and dis- 
comfort to the passengers using the Elevated. It is our strong 
conviction that the only solution of the problem is a reasonable 
extension of rapid transit service and the "training" of the present 
subways, and it is our further conviction that savings which can be 
effected in operating expenses by means of new rapid transit routes 
and the stimulation of business therefrom are essential if patronage 
of the road is to be increased. 

The trustees believe that the car riders should not bear all the 
expense of subway and tunnel rental. It is their belief that inasmuch 
as the construction or extension of rapid transit service brings 
benefit to many others besides the car riders, increases property 
values, and stimulates business prosperity, that some fair portion 
of the rental cost of the construction for such service should be met 
otherwise than by collecting it from the pockets of the men and 
women who pay their fares to ride on the street cars and trains. 

The trustees believe that Boston cannot grow industrially as it 
should, and cannot develop the best social conditions without com- 
plete modernization of transportation kept in step with this fast 
moving age. Rapid transit, not many years ago looked upon as a 
luxury, has become a necessity. It is as vital in the future develop- 
ment of Boston as any other factor relative to growth. The demand 
for such service comes not alone from those who will most patronize 
it. It comes also from property interests and from industry. It is 
the trustees' conviction that the cost of this service should be fairly 
apportioned among those who benefit from it. Through operating 
economies made possible by modern rapid transit the Elevated can 
meet some proportion of these rental charges without menacing the 
present basic 10c fare and without inviting a deficit. To undertake 
to carry the entire load would place upon the backs of men and 
women car riders a burden which in fairness the trustees feel they 
should not be asked to bear. 

(Signed) Henry I. Harriman, Chairman, 
Edward E. Whiting, 
Charles H. Cole, 
George B. Johnson, 
Ernest A. Johnson. 
January 29, 1930. 



9 

Appendix 1 

Comparative Division of Receipts and Expenditures for Years Ended Dec. 31 





1929 


1928 


1927 


1926 


1925 


Total receipts 


$34,096,623.03 


$34,843,147.51 


$35,193,410.03 


$35,481,313.38 


$34,547,379.61 


Operating expenses: 














$16,093,870.85 


$16,646,421.20 


$16,757,338.49 


$17,697,377.55 


$16,931,549.57 


Material and other items . 


2,996,280.21 


3,183,935.30 


3,262,789.41 


3,462,091.07 


3,175,981.86 


Injuries and damages 


1,010,378.57 


1,306,882.63 


1,203,518.05 


925,918.61 


666,488.49 


Depreciation .... 


2,878,054.52 


2,671,141.73 


2,824,220.15 


2,841,721.52 


2,496,000.00 




1,046,163,08 


1,091,807.83 


1,084,466.71 


1,149,159.36 


1,135,715.65 


Total operating expenses . 


$24,024,747.23 


$24,900,188.69 


$25,132,332.81 


$26,076,268.11 


$24,405,735.57 


Rent of leased roads (in- 












cluding dividend rental 






• 






under Chapter 159, Acts 












of 1918) 


$3,139,000.80 


$3,145,726.48 


$3,152,431.71 


$3,162,454.21 


$3,169,448.86 


Taxes 


1,619,962.88 


1,721,678.45 


1,864,135.90 


1,910,764.61 


1,652,517.57 


Subway, Tunnel and Rapid 












Transit Line rents 


2,650,371.31 


2,389,354.11 


2,224,087.95 


2,217,000.93 


2,217,470.08 


Interest on bonds and notes 


2,495,850.19 


2,557,565.53 


2,524,843.23 


2,535,504.81 


2,540,909.21 


Miscellaneous items 


72,617.98 


88,583.23 


72,762.94 


62,069.83 


59,104.47 


• Total cost of service . 


$34,002,550.39 


$34,803,096.49 


$34,970,594.54 


$35,964,062.50 


$34,045,185.76 


Gain for year .... 
Loss for year .... 


$94,072.64 


$40,051.02 


$222,815.49 




$502,193.85 




$482,749.12 
















Note: — Profit and Loss Adjustments not included in above. 



10 

Appendix 2 
Traffic Statistics, Year Ended December 31 



1929 



1928 



1927 



1926 



Round trips operated 

Passenger revenue 

Passenger revenue per car mile (cents) 
Passenger revenue per hour 
Passenger revenue mileage- 
Passenger revenue hours . 
Revenue passengers carried 
Revenue passengers carried per mile- 
Revenue passengers carried per hour . 



7,361,738 

$32,885,587.94 

58.01c 

$5.86 

56,684,985* 

5,613,300 

354,214,990 

6.249 

63.10 



7,316,027 

$33,616,877.00 

58.49c 

$5.92 

57,475,124* 

5,674,941 

362,005,033 

6.298 

63.79 



7,295,371 
$34,000,570.95 
59.83c 
$5.93 
56,827,962* 
5,735,491 
366,938,908 
6.457 
63.98 



7,526,260 

$34,393,953.90 

59.41c 

$5.75 

57,895,881* 

5,980,267 

371,218,401 

6.412 

62.07 



^Including motor bus mileage. 



1929 


7,138,386 


1928 


5,999,879 


1927 


5,562,766 


1926 


4,717,900 



Appendix 3 
Comparative Passenger Statistics — Revenue Passengers Carried 



Year 



1929 
1928 
1927 
1926 
1025 
1924 
1923 
1922 
1921 
1920 
1919 
1918 
1917 



Week day 
Average 



1,049,304 
1,067,980 
1,079,087 
1,086,544 
1,066,317 
1,109,861 
1,109,274 
1,030,303 
975,745 
960,737 
934,918 
985,384 
1,073,943 



Saturday 
Average 



1,123,058 

1,143,250 

1,166,933 

1,191,342 

1,172,871 

1,216,132 

1,196,301 

1,144,320 

1,068,295 

1,072,319 

1,078,635 

1,147,809 

1,249,588 



Sunday 
Average 



518,093 
539,813 
555,326 
576,701 
577,200 
630,755 
652,404 
617,148 
578,860 
591,063 
596,182 
658,902 
728,847 



Holiday 
Average 



Total for 
Year 



602,071 


354,214,990 


631,916 


362,005,033 


661,840 


366,938,908 


666,258 


371,218,401 


660,007 


365,036,286 


727,191 


382,888,848 


758,915 


382,149,697 


691,890 


356,593,942 


696,691 


337,252,080 


703,634 


335,526,561 


706,429 


324,758,685 


775,634 


348,664,700 


857,902 


381,017,338 



11 

Appendix 4 




12 
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13 

Appendix 6 




14 

Appendix 7 

Passenger Cars and Buses Owned 

Surface Cars 



Semi-convertible cars — type No. 1 — No. 4 A3 
Semi-convertible cars — type No. 5 

Center entrance cars 

Trailer cars 

One-man cars (Birney type) .... 
Articulated cars (40' and 50' type) 

Box cars 

Open cars 

Total surface passenger cars . 



1929 



352 
471 
396 
220 



22 



1,461 



1928 



1,543 



1918 



375 


453 


471 




396 


100 


220 


174 


24 


1 




177 


57 


1,113 




1,354 



3,372 



Rapid Transit Cars 



Elevated cars, wood and steel 

Elevated cars, steel 

Cambridge-Dorchester Tunnel cars, steel 
East Boston Tunnel cars, steel 

Total rapid transit passenger cars 
Total surface and rapid transit cars 







169 


325 


325 


162 


155 


155 


60 


48 


48 




528 


528 


391 


1.989 


2,071 


3,763 



Motor Buses 



Mechanical Drive 

25 Passenger buses 
29 Passenger buses 
31 Passenger buses 
33 Passenger buses 
37 Passenger buses 

39 Passenger buses 

40 Passenger buses 

Total mechanical drive 

Gas Electric 

29 Passenger buses 

35 Passenger buses 

36 Passenger buses 

37 Passenger buses 

Total gas electric 
Total motor buses 



116 


114 




125 


118 




1 


1 




1 






12 


6 




10 






5 






270 


239 




3 


3 




15 


15 




16 


11 




15 


15 




49 


44 




319 


283* 





Total passenger cars and buses owned 



2,308 



2,354 



3,763 



* In addition, the Boston Elevated Railway was, on December 31, 1928, operating 10 leased mechani- 
cal drive buses. 



15 

Appendix 8 

Patterson, Teele & Dennis 

Accountants and Auditors 

1 Federal Street, Boston, January 30, 1930. 

Mr. Henry I. Harriman, Chairman, 
Gen. Charles H. Cole, 
Mr. Ernest A. Johnson, 
Mr. George B. Johnson, 
Mr. Edward E. Whiting, 

Trustees, 

Boston Elevated Railway, 
Boston, Massachusetts. 

Sirs : 

We have examined the accounts of the Boston Elevated Railway 
for the year ending December 31, 1929, and we report upon the 
Railway's financial statements for the year, presented herewith as 
follows : 

Road and Equipment are shown at book values. In our opinion, 
adequate provision for depreciation has been made for the year 
under review, in pursuance of the plan for depreciation reserves fol- 
lowed by the Public Trustees from July 1, 1918. 

The securities owned by the Railway were produced for our 
inspection and are carried at cost values, which, in the aggregate, 
are less than the total market values. We have verified the current 
assets as shown by the books, and have satisfied ourselves that the 
liabilities are correctly stated. 

WE HEREBY CERTIFY that, subject to the foregoing com- 
ments, the accompanying balance sheet is in accordance with the 
books and correctly states the financial condition of the Boston 
Elevated Railway at December 31, 1929; and that, in our opinion, 
the operating results for the year 1929 are fairly presented in the 
accompanying income statement. 

Respectfully submitted, 

(Signed) Patterson, Teele & Dennis, 

Accountants and Auditors. 



16 

Appendix 9 
General Balance Sheet 



Debits 



Dec. 31, 1929 Dec. 31, 1928 



Dec. 31, 1927 



Investments 
Road and Equipment: 

Way and Structures 

Equipment 

Power 

General and Miscellaneous 

Total Road and Equipment 

Miscellaneous Physical Property 
Other Investments: 

Stocks 

Notes 

Advances Road and Equipment: 
Eastern Massachusetts Street Railway Company 

Total Other Investments 

Total Investments 



$61,283,292.35 $61,675,752.84 

30,413,685.77 j 30,219,791.85 

19,183,476.37 j 18,729,198.48 

1,907,056.04 1,903,192.14 



$62,548,675.62 

29,537,946.20 

18,669,591.17 

1,901,378.17 



$112,787,510.53 $112,527,935.31 $112,657,491.16 



$735,951.94 

$2,501.00 
45,700.00 

196,267.29 



$745,278.67 

$2,501.00 
30,800.00 

187,332.15 



$58,889.12 

$2,501.00 
75,900.00 

112,568.74 



$244,468.29 $220,633.15 $190,969.74 

$113,767,930.76 $113,493,847.13 $112,907,850.02 



17 



General Balance Sheet — Continued 



Credits 



Dec. 31, 1929 



Stock 
Capital Stock: 

First Preferred Stock $6,400,000.00 

Second Preferred Stock , 13,292,600.00 

Preferred Stock 3,000,000.00 

Common Stock • . 23,879,400.00 



Dec. 31, 1928 



$6,400,000.00 

13,399,500.00 

3,000,000.00 

23,879,400.00 



Total Capital Stock 
Premium on Capital Stock 
Second Preferred Stock 
Common Stock . 



$46,572,000.00 $46,678,900.00 



2,232,477.02 
2,707,428.13 



Total Premium on Capital Stock 

Total Stock 

Long Term Debt 
Funded Debt Unmatured: 

Miscellaneous Obligations: 

4$% 20 yr. W. E. St. Ry. Co. Bonds, due July 1, 1930 

4% 30 yr. W. E. St. Ry. Co. Bonds, due Aug. 1, 1932 

5% 20 yr. W. E. St. Ry. Co. Bonds, due Nov. 1, 1932 

6% 10 yr. Boston Elev. Ry. Bonds, due June 1, 1933 

6% 10 yr. Boston Elev. Ry. Bonds, due Mar. 1, 1934 

5s% 10 yr. Boston Elev. Ry. Bonds, due Aug. 1, 1934 

4% 30 yr. Boston Elev. Ry. Bonds, due May 1, 1935 

5% 20 yr. W. E. St. Ry. Co. Bonds, due May 1, 1936 

5% 10 yr. Boston Elev. Ry. Bonds, due Feb. 1, 1937 

H% 30 yr. Boston Elev. Ry. Bonds, due Oct. 1, 1937 

4*% 30 yr. Boston Elev. Ry. Bonds, due Nov. 1, 1941 

5% 30 yr. Boston Elev. Ry. Bonds, due Dec. 1, 1942 

5% 30 yr. W. E. St. Ry. Co. Bonds, due Mar. 1, 1944 

7% 30 yr. W. E. St. Ry. Co. Bonds, due Sept. 1, 1947 



$4,939,905.15 
$51,511,905.15 



1,604,000.00 
5,709,000.00 

600,000.00 
3,000,000.00 
2,098,000.00 
1,581,000.00 
8,500,000.00 

815,000.00 
6,511,000.00 
4,800,000.00 
5,000,000.00 
8,286,000.00 
2,600,000.00 

570,000.00 



Total Bonds 1551,674,000.00 

Mortgage Notes 125,000.00 



Total Funded Debt Unmatured 
Total Long-Term Debt .... 



,51,799,000.00 
, 51,799,000.00 



2,232,477.02 
2,707,428.13 



$4,939,905.15 
$51,618,805.15 



1,604,000.00 
5,709,000.00 

600,000.00 
3,000,000.00 
2,098,000.00 
1,581,000.00 
8,500,000.00 

815,000.00 
6,511,000.00 
4,800,000.00 
5,000,000.00 
8,286,000.00 
2,600,000.00 

570,000.00 



Dec. 31, 1927 



$6,400,000.00 

13,549,450.00 

3,000,000.00 

23,879,400.00 



$46,828,850.00 

2,232,477.02 
2,707,428.13 



$4,939,905.15 
$51,768,755.15 



1,604,000.00 
5,709,000.00 

600,000.00 
3,000,000.00 
2,098,000.00 
1,581,000.00 
8,500,000.00 

815,000.00 
6,511,000.00 
4,800,000.00 
5,000,000.00 
8,286,000.00 
2,600,000.00 

570,000.00 



$51,674,000.00 

125,000.00 



$51,799,000.00 
$51,799,000.00 



$51,674,000.00 

125,000.00 



$51,799,000.00 
$51,799,000.00 



18 



General Balance Sheet — Continued 



Debits 



Dec. 31, 1929 



Dec. 31, 1928 



Dec. 31, 1927 



Current Assets 
Cash 

Special Deposits: 

Interest, Dividends and Rents Unpaid . 
Reserve Fund, Chap. 159, Spec. Acts 1918 . 
Funds Available for Capital Expenditures Only 



Total Special Deposits 
Loans and Notes Receivable . 
Miscellaneous Accounts Receivable 
Material and Supplies .... 
Interest, Dividends and Rents Receivable 
Other Current Assets 



Total Current Assets . 

Deferred Assets 
Insurance and Other Funds . 



Total Deferred Assets 



Unadjusted Debits 
Rents and Insurance Premiums Paid in Advance . 

Discount on Funded Debt 

Other Unadjusted Debits: 

Cost of Service deficit for twelve months ending June 
30, 1919, as provided for by Commonwealth of Mas- 
sachusetts, Chap. 159, Special Acts of 1918 . 
Other Unadjusted Debits 

i 
Total Other Unadjusted Debits .... 

Total Unadjusted Debits 

Total Debits 



$556,406.99 

$791,076.50 
283,636.44 



$611,071.62 

$792,543.50 
71,192.25 



$791,459.49 

$789,239.75 

204,664.57 

32,000.00 



$1,074,712.94 

$7,242.00 

353,438.26 

1,917,863.23 

5,558.79 

45,308.77 



$863,735.75 

$269,685.36 

1,968,801.87 

5,189.39 

41,430.40 



$1,025,904.32 

$294,770.51 

2,145,429.39 

3,036.69 

39,774.13 



$3,960,530.98 $3,759,914.39 



2,952,341.47 2,937,045.86 



$4,300,374.53 



2,936,045.86 



$2,952,341.47 $2,937,045.86 $2,936,045.86 



$55,955.40 
$368,118.76 



$113,243.00 
$415,505.08 



1,349,333.35 
29,055.38 



1,349,333.35 
143,480.98 



$10,530.56 
$462,891.40 



2,244,851.36 
160,471.06 



$1,378,388.73 | $1,492,814.33 j $2,405,322.42 

$1,802,462.89 | $2,021,562.41 | $2,878,744.38 

$122,483,266.10 $122,212,369.79 $123,022,514.79 



19 



General Balance Sheet — Concluded 



Credits 



Dec. 31, 1929 Dec. 31, 1928 



Current Liabilities 
Loans and Notes Payable 



Audited Accounts and Wages Payable 

Matured Interest, Dividends and Rents Unpaid 

Accrued Interest, Dividends and Rents Payable: 

Accrued Interest on Funded Debt 

Accrued Rents, Leased Roads, Other Companies 

Accrued Rents, Leased Roads, B. E. Ry. Co., Dividend 

Rental 

Accrued Rents, Subways and Tunnels 

Accrued Interest on Loans and Notes Payable 

Total Accrued Interest, Dividends, and Rent 

Payable 

Total Current Liabilities . 

Deef.rred Liabilities 
Other Deferred Liabilities 



Total Deferred Liabilities . 

Unadjusted Credits 
Tax Liability 

Premium on Funded Debt 

Operating* Reserves: 

Injury and Damage Reserve 

Total Operating Reserves . 

Accrued Depreciation — Road and Equipment 

Other Unadjusted Credits: 

Outstanding Tickets and Checks 

Amount advanced by Commonwealth of Massachusetts 

under Chapter 159, Special Acts of 1918, account 

deficit in Cost of Service for 12 months ending June 

30, 1919 

Other Unadjusted Credits . 

Total Other Unadjusted Credits 

Total Unadjusted Credits . 

Corporate Surplus 
Miscellaneous Fund Reserves 



Profit and Loss — Period to June 30, 1918 
Profit and Loss — Period since July 1, 1918 
Profit and Loss — Arising out of consolidation 
End St. Ry. Co., June 10, 1922 

Total Corporate Surplus . 

Total Credits 



with West 



$300,000.30 $2,050,000.00 

472.599.87 600,643.44 

792,282.00 793,749.00 



$578,853.7(5 
6,629.58 

232,620.51 
95,610.00 

83.34 

$913,797.19 
$2,478,679.06 

13,153.89 



$578,853.76 
6,619.76 

234,491.25 
94,633.34 



$914,598.11 
$4,358,990.55 

19,343.51 



$13,153.89 

$573,451.81 
$135,926.78 

1,679,599.48 



$19,343.51 

$635,128.21 
$160,522.46 

1.537.667.47 



Dec. 31, 1927 



1,679,599.48 1,537,667.47 

$12,714,706.13 $10,852,610.22 



179,336.95 



164,352.07 



1,349,333.35 
2,430.02 



1,349,333.35 
40.000.00 



$1,531,100.32 j $1,553,685.42 
$16,634,784.52 j $14,730,613.78 



$2,800,000.00 
527,544.27 
790,445.25 

$578,853.76 
6,620.54 

237,115.38 
93,693.34 



$916,283.02 
$5,034,272.54 

37,797.60 



$37,79760 

$721,841.58 
$185,118.14 

1,190,758.93 



1,190,758.93 
$9,962,749.29 

173,719.80 



*$8,253.21 
*460,465.09 

514,461.78 



$15,743.48 
£122,483,266.10 



f $10,556.12 
*705,093.25 

392,266.17 



*$323,383.20 
$122,212,369.79 



2,244,851.36 

10.00 

$2,418,581.16 

$14,479,049.10 

$250,501.68 

*65,730.33 

*522,164.66 

241,033.71 



*$96,359.60 
$123,022,514.79 



•Debit 



20 

Appendix 10 
Income Statement 



Operating Income 



Twelve Twelve 

Months Ended Months Ended 

Dec. 31, 1929 Dec. 31, 1928 



Passenger Car Revenue 

Passenger Motor Bus Revenue 

Special Car and Special Bus Revenue .... 

Mail Revenue 

Express Revenue 

Miscellaneous Transportation Revenue 

Total Revenue from Transportation 

Station and Car Privileges 

Rent of Tracks and Facilities 

Rent of Equipment 

Rent of Buildings and other Property .... 

Power 

Miscellaneous 

Total Revenue from other Railway Operations 
Total Railway Operating Revenues . 
Railway Operating Expenses: 

Way and Structures 

Equipment 

Power 

Conducting Transportation 

Traffic 

General and Miscellaneous 

Transportation for Investment 



$30,354,649.06 

2,498,111.61 

32,827.27 

175.00 

1,818.55 



$31,496,102.-26 

2,085,036.28 

35,738.46 

175.00 



1,839.97 



Twelve 

Months Ended 

Dec. 31, 1927 



$32,051,613.69 

1,911,751.34 

37,205.92 

175.00 

323.93 

1,619.68 



$32,887,581.49 
$776,044.38 
47,087.18 
21,208.92 
59,996.88 
161,247.07 
54,530.12 



$33,618,391.97 

$777,699.22 
58,554.88 
25,943.99 
58,054.92 
149,828.14 
53,682.97 



$1,120,114.55 
$34,007,696.04 

$3,336,537.90 

4,299,551.73 

2,501,693.50 

10,892,280.34 

22,253.43 

2,978,798.28 

f6,367.95 



Total Railway Operating Expenses .... $24,024,747.23 
Per Cent of Operating Expenses to Operating Revenues 70.65 
Per cent of Operating Expenses to Operating and Non- 
Operating Income 70.46 



$1,123,764.12 
$34,742,656.09 

$3,669,423.66 

4,261,798.47 

2,505,524.66 

11,167,506.50 

33,309.63 

3,271,513.35 

f8,887.58 



$34,002,689.56 

$771,545.58 
78,725.78 
26,139.80 
67,397.44 
112,397.37 
36,980.46 



Net Revenue, Railway Operations . 
Taxes Assignable to Railway Operations 
Operating Income 



$9,982,948.81 
$1,619,962.88 
$8,362,985.93 



$24,900,188.69 
71.67 

71.46 



$1,093,186.43 
$35;095,&75.99 

$3,764,085.68 

4,269,726.67 

2,515,296.68 

11,436,059.68 

31,862.88 

3,122,603.99 

f7,302.77 



$25,132,332.81 
71.61 

71.41 



$9,842,467.40 
$1,721,678.45 



$9,963,543.18 
$1364,135.90 



$8,120,788.95 | $8,099,407.28 



fCredit 



21 



Income Statement — Concluded 



Total Non-Operating Income 

Gross Income 

Deductions from Gross Income 
Rent for Leased Roads: 

Boston Elevated Railway Co. — Dividend Rental 
Other Roads 



Total Rent for Leased Roads 



Miscellaneous Rents 

Net Loss on Miscellaneous Physical Property 

Interest on Funded Debt 

Interest on Unfunded Debt .... 
Amortization of Discount on Funded Debt 
Miscellaneous Debits 



Total Deductions from Gross Income 
Balance after Cost of Service 



Twelve 
Months Ended 
Dec. 31. 1929 



Non-Operating Income 
Income from Funded Securities . 
Income from Unfunded Securities and Accounts 
Income from Sinking Fund and Other Reserves 
Release of Premiums on Funded Debt . 
Miscellaneous Income 



Twelve Twelve 

Months Ended Months Ended 

Dec. 31, 1928 Dec. 31, 1927 



$1,846.50 
27,918.81 
33,280.00 
24,595.68 
1,286.00 



$88,926.99 
*8,451,912.92 



$3,607.50 
37,352.98 
33,280.00 
24,595.68 
1,655.26 



$100,491.42 
8,221,280.37 



$3,089,528.26 $3,095,606.87 
49,472,54 50,119.61 



$3,139,000.80 $3,145,726.48 



$2,650,371.31 

8,481.13 

2,462,375.00 

33,475.19 

47,386.32 

16,750.53 



$8,357,840.28 
$94,072.64 



$2,389,354.11 
24,388.43 
2,462,375.00 
95,190.53 
47,386.32 
16,808.48 



$4,268.17 
34,022.36 
33,280.00 
25,177.92 
785.59 



$97,534.04 
$8,196,941.32 



$3,102,512.38 
49,919.33 



$3,152,431.71 

$2,224,087.95 

8,876.51 

2,464,865.83 

59,977.40 

46,822.95 

17,063.48 



$8,181,229.35 
$40,051.02 



$7,974,125.83 
$222,815.49 



22 



Appendix 11 
Operating Expense Accounts 



Way and Structures 



Superintendence of Way and Structures 
Maintenance of Track and Roadway 

Removal of Snow and Ice 

Roadway Structures 

Signal and Telephone and Telegraph Lines 
Other Miscellaneous Way Expenses 
Maintenance of Electric Line Equipment . 
Maintenance of Buildings, Fixtures and Grounds 
Depreciation of Way and Structures 



Total Way and Structures 



Equipment 
Superintendence of Equipment .... 
Maintenance of Cars and Motor Buses 
Maintenance of Electrical Equipment of Cars 

Shop Expenses 

Miscellaneous Equipment 

Depreciation of Equipment 



Total Equipment 

Power 

Superintendence of Power 

Maintenance of Power Plants 

Depreciation of Power Plant Buildings and Equipment 

Operation of Power Plants 

Gasoline for Motor Buses . 

Total Power 



1929 



$309,278.90 

1,236,142.75 

76,929.55 

109,619.71 

45,843.27 

40,836.13 

• 224,970.24 

369,397.35 

923,520.00 



1928 



$318,068.09 

1,476,835.90 

57,279.37 

134,200.15 

40,619.23 

1,817.87 

251,601.08 

440,521.97 

948,480.00 



$3,336,537.90 



$175,699.12 

1,825,615.80 

472,343.23 

267,565.05 

78,034.01 

1,480,294.52 



$4,299,551.73 

$107,733.78 
237,334.59 
474,240.00 

1,456,631.54 
225,753.59 



$3,669,423.66 



$173,140.82 

1,903,988.80 

518,638.43 

277,541.64 

90,147.05 

1,298,341.73 



$4,261,798.47 

$108,784.87 

282,168.73 

424,320.00 

1,514,537.32 

175,713.74 




1927 



$303,905.83 

1,489,378.09 

154,855.81 

134,119.10 

44,999.83 

9,453.72 

215,937.90 

413,035.40 

998,400.00 



$3,764,085.68 



$167,826.19 

1,826,612.25 

499,414.17 

275,831.75 

98,542.16 

1,401,500.15 



$4,269,726.67 

$102,989.93 

319,280.67 

424,320.00 

1,505,440.65 

163,265.43 



$2,515,296.68 



23 



Operating Expense Accounts — Concluded 



Conducting Transportation 



1929 



1928 



Superintendence of Transportation 

Passenger Conductors, Motormen, Trainmen and Bus 

Operators 

Freight Conductors, Motormen and Trainmen . 
Miscellaneous Car and Bus Service Employees . 
Miscellaneous Car and Bus Service Expenses . 

Station Employees 

Station Expenses 

Car House and Bus Garage Employees 

Car House and Bus Garage Expenses 

Operation of Signal and Telephone and Telegraph Lines 
Other Transportation Expenses 

Total Conducting Transportation .... 
Traffic 



Traffic 



General and Miscellaneous 
Salaries and Expenses of General Officers and Clerks . 

General Office Supplies and Expenses 

Law Expenses 

Relief Department Expenses, Pensions and Gratuities . 

Miscellaneous General Expenses 

Injuries and Damages 

Insurance 

Stationery and Printing 

Store, Garage and Stable Expenses 

Rent of Tracks and Facilities 

Rent of Equipment 

Total General and Miscellaneous .... 

Transportation for Investment 
Total Operating Expenses 



$1,335,818.56 $1,334,358.64 



6,624,406.87 
79.99 
249,727.96 
147,989.17 
669,682.98 
284,388.08 
963,701.43 
97,234.22 
287,690.46 
231,560.62 



6,897,622.41 
91.62 
255,713.52 
145,023.75 
659,353.50 
326,675.11 
941,655.44 
95,895.12 
289,280.69 
221,836.70 



$10,892,280.34 $11,167,506.50 



$22,253.43 

$468,918.32 
120,933.82 

39,462.01 

303,998.60 

160,668.40 

1,201,642.83 

258,955.04 

72,409.11 
307,077.51 

20,908.19 

23,824.45 



$33,309.63 

$473,324.17 
121,113.54 

41,901.02 

278,746.83 

153,871.06 

1,502,313.56 

230,125.89 

79,113\83 
343,587.56 

22,482.14 

24,933.75 



$2,978,798.28 $3,271,513.35 

f$6,367.95 f$8,887.58 

1524,024,747.23 $24,900,188.69 



1927 



$1,346,699.40 

7,065,596.01 
104.38 
255,557.12 
219,989.70 
684,839.97 
307,104.02 
948,648.18 
88,269.40 
282,499.62 
236,751.88 



$11,436,059.68 
$31,862.88 

$463,791.66 

122,196.45 

44,836.32 

233,026.96 

147,356.07 

1,391,017.72 

256,161.44 

91,776.97 

340,961.51 

23,730.09 

7,748.80 



$3,122,603.99 

f$7,302.77 
$25,132,832.81 



t Credit. 



24 
Appendix 12 



Boston Elevated Railway 

Allo c ATtow of Cost ofService 
per passenger 

Year Ended December3I,I929 
Aver ageReceipts per Revenue Passenger 9.626* 

Cost of Service 9.599^ >ERREVENUE to SSEMGC * 

DIVIDED AS FOLLOWS 




25 



Appendix 13 



Road and Equipment Investment 



Account 



Way and Structures 

A/c 501 Engineering and Superintendence . 

502 Right of Way 

503 Other Land 

504 Grading 

505 Ballast 

506 Ties 

507 Rails, Rail Fastenings and Joints . 

508 Special Work 

510 Track and Roadway Labor 

511 Paving 

512 Roadway Machinery and Tools 

513 Tunnels and Subways 

514 Elevated Structures and Foundations . 

515 Bridges, Trestles and Culverts 

516 Crossings, Fences and Signs . 

617 Signals and Interlocking Apparatus 

618 Telephone and Telegraph Lines 

519 Poles and Fixtures . . . 

520 Underground Conduit .... 

521 Distribution System 

523 Shops, Car Houses and Garages . 

524 Stations, Misc. Buildings and Structures 
626 Wharves and Docks 

Total Way and Structures . 

Equipment 

A/c 530 Passenger Cars and Buses 

532 Service Equipment 

533 Electric Equipment of Cars 

636 Shop Equipment 

637 Furniture 

538 Miscellaneous Equipment 

Total Equipment 



A/c 539 
540 
542 
543 
544 



Power 

Power Plant Buildings 
Sub Station Buildings 
Power Plant Equipment 
Sub Station Equipment 
Transmission System . 



Total Power 



General and Miscellaneous 



A/c 546 Law Expenditures 

647 Interest during Construction 

548 Injuries and Damages 

549 Taxes 

550 Miscellaneous .... 



Total General and Miscellaneous 
Total Road and Equipment . 



Total 
Dec. 31, 1929 



$1,771,879.54 

11,447,025.45 

5,507,637.98 

256,257.47 

772,166.81 

956,197.71 

2,618,906.91 

4,449,192.20 

4,299,238.56 

1,631,946.84 

267,850.52 

322,311.55 

5,734,943.16 

1,927,144.50 

124,148.21 

1,106,026.72 

99,696.71 

653,347.02 

1,811,588.26 

3,969,109.65 

7,089,244.30 

4,235,231.08 

232,301.20 



$61,283,292.35 



$19,453,565.49 

1,071,062.41 

8,517.535.77 

728,116.02 

184,304.95 

459,101.13 



$30,413,685.77 



$5,738,253.09 

548,229.86 

9,277,918.42 

2,191,638.77 

1,427,436.23 



$19,183,476.37 



$250.00 

1,756,138.68 

7,500,00 

161,349.02 

18,181.66 



$1,907,056.04 
$112,787,510.53 



Total 
Dec. 31, 1928 



$1,771,879.54 

11,446,326.60 

5,505,267.28 

256,582.65 

763,224.34 
1,005,551.75 
2,807,502.60 
4,504,315.71 
4,338,218.19 
1,625,045.68 

262,465.65 

322,278.94 
5,734,943.16 
1,916,180.08 

124,148.21 

1,106,026.72 

99,528.77 

661,107.47 
1,779,979.47 
4,036,308.96 
7,247,024.82 
4,129,545.05 

232,301.20 



$61,675,752.84 



$19,248,856.43 

1,041,780.80 

8,574,161.14 

715,869.00 

181,473.16 

457,651.32 



$30,219,791.85 



$5,738,128.78 

505,361.18 

9,190,638.34 

1,969,426.02 

1,325,644.16 



$18,729,198.48 



$250.00 

1,752,274.78 

7,500.00 

161,349.02 

18,181.66 



$1,903,192.14 
5112,527,935.31 



Note: — Bold denotes credits. 



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30 

Appendix 16 • 

Investment in Road Owned and Leased December 31, 1929 

Boston Elevated Railway 

Road and Equipment . . . . $112,787,510.53 

Miscellaneous Physical Property . 735,951.94 



Total Boston Elevated Railway Investment $113,523,462.47 

Leased Lines 

Hyde Park Transportation District 

(City of Boston) .... $231,099.45 

Eastern Mass. St. Ry. Co. (Part Leased) 

Old Colony Lines, W. Roxbury $672,847.44 

Boston & Northern Lines, East 

Boston ...... 18,081.95 

Boston & Northern Lines, Mid- 
dlesex Fells Line .... 29,546.01 

Expenditures for Additions and 

Betterments 196,267.29 



Total East. Mass. St. Ry. Co. 916,742.69 



Total Leased Lines . . . " . 1,147,842.14 

City of Boston Investment 

Boylston Subway $6,472,346.30 

Cambridge Connection . . . 1,652,035.02 

Dorchester Tunnel .... 12,159,601.32 

Dorchester Rapid Transit Extension 10,450,000.00 

East Boston Tunnel .... 7,173,673.94 

East Boston Tunnel Extension 2,342,697.34 

Tremont Subway 4,392,383.05 

Washington Tunnel .... 7,946,050.04 



Total City of Boston Investment 52,588,787.01 

Commonwealth of Massachusetts Investment 

Cambridge Subway .... $7,964,000.00 



Total Commonwealth of Massachusetts Investment .... 7,964,000.00 



TOTAL INVESTMENT IN ROAD OWNED AND LEASED . . $175,224,091.62 



31 



Appendix 17 



City and State Investment in Subways, Tunnels and Rapid 
Transit Lines — December 31, 1929 



Subways, Tunnels and Rapid Transit Lines 


Con- 
struction 
Length 
Miles Investment Rental 


Owned by City of Boston 

Boylston Subway 

Cambridge Connection . 

Dorchester Tunnel 

*Dorchester Rapid Transit Extension 
East Boston Tunnel . . . . 
East Boston Tunnel Extension . 

Tremont Subway 

Washington Tunnel 


1.503 
.470 
2,485 
6.076 
1.518 
.411 
1 698 
1.157 


$6,472,346.30 
1,652,035.02 
12,159,601.32 
10,450,000.00 
7,173,673.94 
2,342,697.34 
4,392,383.05 
7,946,050.04 


$291,228.55 
80,506.30 
546,920.59 
360,000.00 
322,725.14 
105,197.13 
197,542.32 
357,561.97 


Total— City of Boston .... 

Owned by Commonwealth of Massachusetts 
Cambridge Subway 


15.318 
2.722 


$52,588,787.01 $2,261,682.00 
7,964,000.00 397,950.00 


GRAND TOTAL . . . . . 


18.040 


$60,552,787.01 $2,659,632.00 



a i, Railway is now paying rental on an estimated valuation fixed at $8,000,000 for portion as far as 

/*i oiTLnHl "" • cost of the subwa y extension from Andrew Square to a point near Boston St. 

(.3)1,^5,970.13) is included in the Investment in the Dorchester Tunnel. 



32 



Appendix 18 

Investment, Passenger Revenue and Gross Income 1897 to Date 



Year Ended. 



Investment 



Dec. 31, 1929 | $175,224,091.62 

Dec. 31, 1928 172,486,669.04 

Dec. 31, 1927 163,901,383.91 

Dec. 31, 1926 159,025,141.62 

Dec. 31, 1925 156,474,884.41 

Dec. 31, 1924 155,490,852.91 

Dec. 31, 1923 149,001,108.85 

Dec. 31, 1922 143,345,873.68 

Dec. 31, 1921 141,345,133.42 

Dec. 31, 1920 139,156,058.00 

Dec. 31, 1919 138,117,974.50 

Dec. 31, 1918 134,181,073.47 

Dec. 31, 1917 121,807,319.67 

June 30, 1916 117,116,007.58 

June 30, 1915 113,166,182.04 

June 30, 1914 106,990,919.12 

June 30, 1913 105,019,587.59 

June 30, 1912 101,864,058.69 

June 30, 1911 92,904,910.27 

Sept. 30, 1909 81,592,634.49 

Sept. 30, 1908 70,957,716.76 

Sept. 30, 1907 65,979,896.07 

Sept. 30, 1906 59,873,910.46 

Sept. 30, 1905 57,187,809.61 

Sept. 30, 1904 51,886,524.39 

Sept. 30, 1903 48,398,610.91 

Sept. 30, 1902 46,466,591.31 

Sept. 30, 1901 44,087,939.53 

Sept. 30, 1900 37,793,501.62 

Sept. 30, 1899 33,187,250.79 

Sept. 30, 1898 31,251,811.90 

Sept. 30, 1897 ...... . 25,291,913.22 



Permanent 
Investment 



Per $1 

Pass. 

Rev. 



Per $1 

Gross 

Inc. 



Passenger 
Revenue 



$5.33 
5.13 
4.82 
4.62 
4.63 
4.65 
4.48 
4.50 
4.38 
4.20 
4.84 
6.59 
6.40 
6.45 
6.55 
6.24 
6.45 
6.58 
6.10 
5.82 
5.20 
4.87 
4.57 
4.64 
4.30 
4.15 
4.20 



$5.14 
4.95 
4.67 
4.48 
4.53 
4.54 
4.37 
4.38 
4.25 
4.09 
4.68 
6.37 
6.15 
6.24 
6.33 
6.02 
6.19 
6.17 
5.81 
5.63 
5.04 
4.71 
4.39 
4.49 
4.13 
4.03 
4.1U 



4.17 


4.06 


3.80 


3.69 


3.51 


3.40 


3.48 


3.38 


2.96 


2.90 ! 



$32,885,587.94 
33,616,877.00 
34,000,570.95 
34,393,953.90 
33,790,441.73 
33,419,172.22 
33,297,951.50 
31,834,022.77 
32,253,629.59 
33,108,946.48 
28,767,544.11 
20,352,412.11 
19,030,940.62 
18,148,646.75 
17,290,203.30 
17,136,776.63 
16,289,918.96 
15,491,051.71 
15,227,984.08 
14,024,768.39 
13,628,383.20 
13,546,779.20 
13,109,316.03 
12,337,867.16 
12,078,800.39 
11,666,906.60 
11,060,385.40 
10,562,533.45 
9,948,438.78 
9,449,928.89 
8,967,587.56 
8,536,285.83 



Gross 
Income 



$34,096,623.03 
34,843,147.51 
35,193,410.03 
35,481,313.38 
34,547,379.61 
34,175,319.61 
34,096,813.26 
32,699,176.37 
33,277,025.53 
34,031,636.44 
29,498,582.82 
21,062,962.82 
19,818,407.01 
18,781,327.74 
17,886,549.64 
17,785,978.25 
16,968,328.33 
16,522,542.00 
15,980,707.94 
14,493,853.13 
14,074,696.51 
14,011,167.72 
13,634,612.49 
12,741,569.30 
12,436,593.79 
12,019,371.26 
11,321,030.13 
10,869,496.33 
10,236,994.49 
9,756,136.25 
9,257,252.94 
8,719,031.78 



The permanent investment represents the actual money expended for property operated, owned and 
leased, including subways, tunnels and rapid transit lines owned by the City of Boston and Commonwealth 
of Massachusetts. 



33 



Appendix 19 
Per Cent of Maintenance and Depreciation to Gross Earnings 



Year Ended 



December 31, 1929 
December 31, 1928 
December 31, 1927 
December 31, 1926 
December 31, 1925 
December 31, 1924 
December 31, 1923 
December 31, 1922 
December 31, 1921 
December 31, 1920 
December 31, 1919 



Gross Earnings 


Maintenance 
and Depreciation 


Per Cent 


$34,096,623.03 


$8,284,093.66 


24.29 


34,843,147.51 


8,595,987.73 


24.67 


35,193,410.03 


8,639,138.59 


24.55 


35,481,313.38 


8,977,312.93 


25.30 


34,547,379.61 


8,381,452.23 


24.26 


34,175,372.73 


8,694,550.21 


25.44 


34,096,813.26 


7,977,110.77 


23.40 


32,699,176.37 


7,524,999.83 


23.01 


33,277,025.53 


7,777,505.22 


23.37 


34,031,636.44 


8,078,259.69 


23.74 


29,498,582.82 


8,650,266.57 


29.32 



Gross earnings include, in addition to car fares collected, receipts from advertising privileges, news 
stands and station privileges, rentals and income from various miscellaneous sources. 



Appendix 20 
Comparative Power Statistics 





1929 


1928 


1931 


1926 


1925 


1924 


1923 


Tons of coal burned 


201,235 


204,620 


209,815 


230,759 


217,414 


240,493 


260,032 


Pounds of coal per 
killowatt hour 


1.826 


1.816 


1.933 


2.011 


1.973 


2.068 


2.264 


Average price of coal 
per long ton 


$4.79 


$4.93 


$4.91 


$4.98 


$5.22 


$5,921 


$7,085 


Net cost of power for 
car service per kilo- 
watt hour (cents) 


0.921 


0.928 


0.987 


0.982 


1.021 


1.093 


1.227 


Net cost of power per 
total revenue car 
mile (cents) 


4.219 


4.134 


4.307 


4.401 


4.428 


4.833 


6.468 


Direct current an- 
nual output (k.w.) 


247,473,090 


252,346,905 


243,290,850 


257,045,625 


246,835,300 


260,401,225 


257,270,357 



34 



Appendix 21 
Distribution of Tax Payments in 1929 



Arlington 

Belmont 

Boston 

Brookline 

Cambridge 

Chelsea 

Everett 

Maiden 

Medford 

Newton 

Quincy 

Somerville . . . 

Stoneham 

Waltham 

Watertown 

Commonwealth of Massachusetts 
United States of America 



Real Estate 

and Personal 

Property Taxes 



$9,421.50 
1.60 

706,437.20 

6,743.10 

111,454.68 

1,084.86 

84,983.68 

3,679.28 

8,811.10 

380.80 



28.628.28 



2,966.25 




4,857.69 
4,847.84 



Federal 

Income 

Tax 



$422,128.21 



Total 
Taxes Paid 



$13,860.24 

1,874.70 

851,066.66 

14,791.00 

132,508.96 

2,680.20 

92,662.29 

9,282.89 

16,937.20 

1,459.97 

14.13 

49,995.22 

8.90 

13.73 

7,853.49 

4,847.84 

422,128.21 



Total Taxes Paid in 1929 



$964,592.33 $28,778.97 $206,486.12 $422,128.21 



$1,621,985.63 



35 



Appendix 22 



History of the 1919 Loan Assessment on Cities and Towns 
Chapter 159, Special Acts 1918 



Cities and Towns 


Original 
Assessment 


Total 
Repayments 


Balance 
Due 




$2,863,042.50 


$1,885,488.30 


•$977,554.20 




386,397.11 


254,466.02 


131,931.09 




167,090.75 


110,038.43 


57,052.32 




101,621.23 


66,923.00 


34,698.23 




81,449.82 


53,640.18 


27,809.64 




76,112.44 


50,124.98 


25,987.46 




74,727.35 


49,211.36 


25,515.99 




56,155.96 


36,982.97 


19,172.99 




44,267.25 


29,153.14 


15,114,11 




40,426.40 


26,622.46 


13,803.94 




37,079.09 


24,419.26 


12,659.83 




25,552.57 


16,828.78 


8,723.79 


*Commonwealth of Massachusetts . 


26,229.20 


26,229.20 




tCommomvealth of Massachusetts . 




690.24 


+690.24 


Totals 


$3,980,151.67 


$2,630,818.32 


$1,349,333.35 



Based on traffic counts made July 24, 25, 26, 27, 1919, in accordance with the provisions of Section 
14, Chapter 159, Special Acts 1918. 

•Assessment of Quincy and Stoneham assumed by Commonwealth of Massachusetts. 

fExpense to Commonwealth of Massachusetts for financing Loan (to be assessed to cities and towns 
pro rata to their original contributions). 

REPAYMENTS 

July, 1922 $ 517,196.45 

July, 1923 1,114,557.82 

July, 1925 20,581.33 

July, 1926 22,304.46 

July, 1927 60,660.25 

July, 1928 895,518.01 

Total Repayments $2,630,818.32 

^Credit 



36 



Appendix 23 



Outstanding Capital Stock December 31, 1929 



No. 
Shares 
Out- 
standing 


Par Value 
Shares 

Out- 
standing 


Net 
Premium 


Amount 
Realized 


Date of 
Approval by 
Commission 


Yearly 
Dividend 


Dividends 
Payable 




First Preferred Stock 




64,000 


$6,400,000 ■ 

i 


$6,400,000.00 


Nov. 11, 18S7 


8% (fan. 1 
$512,000.00 IJuly 1 








Second Preferred Stoc 


k 






800 

4,640 

9,560 

40,000 

35,850 

4,542^ 

1,500 

4,200 

10,109 

13,900 

2,200 

2,800 

4,350 

5,847 


$80,000 

464,000 

956,000 

4,000,000 

3,585,000 

454,250 

150,000 

420,000 

1,010,900 

1,390,000 

220,000 

280,000 

435,000 

584,700 


$786,934.15* 
360,720.87 
119,970.83 
290,506.25 
420,393.13 
710,385.37 
102,034.38 

90,534.38 
121,892.31 

16,039.50 


$80,000.00 

464,000.00 

956,000.00 

4,000,000.00 

4,371,934.15 

814,970.87 

269,970.83 

710,506.25 

1,431,293.13 

2,100,385.37 

322,034.38 

370,534.38 

556,892.31 

600,739.50 


Sept. 7, 1887 
Sept. 7, 1887 
Jan. 24, 1889 
Aug. 22, 1889 
June 19, 1891 
Mar. 19, 1903 
July 27, 1904 
Mar. 30, 1907 
Dec. 20, 1907 
Sept. 15, 1910 
Feb. 13, 1913 
Apr. 14, 1914 
Mar. 9, 1915 
Mar. 24, 1917 




140,298* 


$14,029,850 
737,250t 


$3,019,411.17 ! $17,049,261.17 
786,934.15* 786,934.15* 




7,372jf 


$2,232,477.02 '' $16,262,327.02 
752,238.73f 


7% (Apr. 1 
$930,482.00 (Oct. 1 


132,926 


$13,292,600 


$2,232,477.02 $15,510,088.29 




Preferred Stock 


$30,000 


$3,000,000 

i 
1 


$3,000',000.00 

1 


(Chap. 159 — 
jSpec. Acts 1918 


7% IJan. 1 

$210,000. oo Uu'y i 




Common Stock 




5,000 
95,000 
33,000 
66,500 
39,294 


$500,000 
9,500,000 
3,300,000 
6,650,000 
3,929,400 


$1,815,000.00 
695,958.13 
196,470.00 


$500,000.00 
9,500,000.00 
5,115,000.00 
7,345,958.13 
4,125,870.00 


Tuly 26, 1897 
July 6, 1900 
Aug. 22, 1902 
Dec. 18, 1908 
Dec. 6, 1912 


f Apr. 1 

6% J Julyl 

$1,432,764.00] Oct. 1 

Vjan. 1 


238,794 


$23,879,400 


$2,707,428.13 


$26,586,828.13 





♦Credited to Surplus by W. E. St. Ry. Co. prior to 1898. 

fShares Second Preferred Stock retired from income of Special Trust Fund since June 10, 1922, and 
amount expended therefor. 



37 



Appendix 24 



Outstanding Funded Debt December 31, 1929 



Par 
Value Rate 


Matu 


rity 


Net Pre- 
mium or 
Discount 


Amount 
Realized 


Date of 
Approval by 
Commission 


Yearly 
Interest 


Co. 


$3,000,000 6 % 


June 


1 


1933 


*$180,000.00 


$2,820,000.00 


May 10, 


1923 


$180,000.00 


B. E. 


2,098,000 6 % 


Mar. 


1 


1934 


24,315.82 


2,122,315.82 


Feb. 15, 


1924 


125,880.00 


B. E. 


1,581,000 5%%' 


Aug. 


1, 


1934 


*5,027.58 


1,575,972.42 


June 19, 


1924 


86,955.00 


B. E. 


7,500,000 4 % 


May 


1, 


1935 


276,900.00 


7,776,900.00 


Apr. 7, 


1905 


300,000.00 


B. E. 


1,000,000 4 % 


May 


1, 


1935 


♦55,000.00 


945,000.00 


June 15, 


1907 


40,000.00 


B. E. 


1,926,000 


5 % 


Feb. 


1 


1937 


*23,131.26 


1,902,868.74 


Mar. 2, 


1925 


96,300.00 


B. E. 


2,700,000 


5 % 


Feb. 


] 


1937 


*32,427.00 


2,667,573.00 


Dec. 9, 


1926 


135,000.00 


B. E. 


1,885,000 


5 % 


Feb. 


1 


1937 


*7,426.90 


1,877,573.10 


Dec. 9, 


1926 


94,250.00 


B. E. 


4,800,000 


4l/ 2 % 


Oct. 


1 


1937 


*29,585.04 


4,770,414.96 


June 15, 


1907 


216,000.00 


B. E. 


5,000,000 


4y 2 % 


Nov. 


1 


1941 


*100,000.00 


4,900,000.00 


Oct. 17, 


1911 


225,000.00 


B. E. 


4,000,000 


5 % 


Dec. 


1 


1942 


*80,000.00 


3,920,000.00 


Dec. 6, 


1912 


200,000.00 


B. E. 


1,000,000 


5 % 


Dec. 


1 


1942 


*78',940.00 


921,060.00 


May 27, 


1914 


50,000.00 


B. E. 


3,286,000 


5 % 


Dec. 


1 


1942 


*261, 779.76 


3,024,220.24 


Nov. 9, 


1915 


164,300.00 


B. E. 


$39,776,000 


*$552,101.72 


$39,223,898.28 


$1,913,685.00 




850,000 


4%% 


July 


1, 


1930 


255.00 


850,255.00 


July 2, 


1910 


38,250.00 


W. E. 


754,000 


4y 2 % 


July 


1, 


1930 


28,727.40 


782,727.40 


Apr. 4, 


1912 


33,930.00 


W. E. 


3,559,000 


4 % 


Aug. 


1 


1932 


72,568.01 


3,631,568.01 


Sept. 18, 


1902 


142,360.00 


W. E. 


700,000 4 % 


Aug. 


1 


1932 


33,251.00 


733,251.00 


Dec. 1, 


1903 


28,000.00 


W. E. 


750,000 


4 % 


Aug. 


1 


1932 


38,227.50 


788,227.50 


Sept. 1, 


1904 


30,000.00 


W. E. 


200,000 


4 % 


Aug. 


1, 


1932 


11,866.00 


211,866.00 


Feb. 11, 


1905 


8,000.00 


W. E. 


500,000 j 4 % 


Aug. 


1 


1932 


2,290.00 


502,290.00 


Dec. 12, 


1906 


20,000.00 


W. E. 


600,000 5 % 


Nov. 


1 


1932 


24,888.00 


624,888.00 


Feb. 13, 


1913 


30,000.00 


W. E. 


815,000 5 % 


May 


1 


1936 


5,786.50 


820,786.50 


Apr. 6, 


1916 


40,750.00 


W. E. 


2,600,000 
570,000 


5 % 

7 % 


Mar. 
Sept. 


1, 

1 


1944 
1947 


112,832.07 
399.00 


2,712,832.07 
570,399.00 


JFeb. 4, 
JApr. 14, 
JAug. 24, 
iSept. 4, 


1914 
1914 
1917 
1917 


130,000.00 
39,900.00 


W. E. 
W. E. 


$11,898,000 




$331,090.48 


$12,229,090.48 


$541,190.00 




$51,674,000 


*$221, 011.24 


$51,452,988.76 


$2,454,875.00 





•Discount 



38 
Appendix 25 



Reserve Fund 
Balance January 1, 1929 $294,906.75 



Excess of Receipts over Cost of Service 
January 
March 
April . 
May . 
October 
November 
December 



Excess of Cost of Service over Receipts 
February 
June . 
July . 
August 
September 



Excess for the Year of Receipts over Cost of Service 



74,244.54 
245,409.29 

140,661.08 

148,719.82 

64,866.77 

64,148.53 

286,824.84 

$1,024,874.87 

$ 53,235.38 

. 32,187.99 

. 285,903.19 

. 361,650.56 

. 197,825.11 

$ 930,802.23 



Profit and Loss Items — Credit . 
Balance December 31, 1929 



$ 94,072.64 

$388,979.39 
150,555.52 

$539,534.91 



39 
Appendix 26 

Statement of Special Trust Fund, December 31, 1929 
Boston Elevated Railway Company, Trustee 



Principal of Trust Fund as established 

Accretions and accumulations to December 31, 1929 . 

Total Special Trust Fund Principal 

Income from June 10, 1922, to December 31, 1929 . . $759,710.70 
Less amount paid on account of retirement of 
Second Preferred Stock, as follows: 

718% shares purchased July, 1923 . . $72,193.40 

919 shares purchased July, 1924 . . 90,319.68 

1,116 shares purchased July, 1925 . . 111,685.37 

1,030 shares purchased July, 1926 . . 108,647.00 

1,020% shares purchased July, 1927 . . 107,437.45 

877% shares purchased July, 1928 . . 95,399.25 

622 shares purchased November, 1928 . 64,909.65 

380 shares purchased April, 1929 . . 38,958.93 

689 shares purchased October, 1929 . 62,688.00 



$1,500,000.00 
649,791.47 

$2,149,791.47 



752,238.73 



Balance of income not used 



7,471.97 



Total $2,157,263.44 



Investments December 31, 1929 $2,145,895.51 

Cash on Deposit December 31, 1929 11,367.93 



Total $2,157,263.44 



E. L. Grimes Printing Co., Boston 



Annual Report 



OF THE 



PUBLIC TRUSTEES OF THE BOSTON 
ELEVATED RAILWAY 



FOR THE 

Year Ending December 31, 1930 



Annual Report 



OF THE 



PUBLIC TRUSTEES OF THE BOSTON 
ELEVATED RAILWAY 



FOR THE 

Year Ending December 31, 1930 



BOARD OF TRUSTEES 

(Appointed by the Governor of Massachusetts pursuant to Chapter 159 

of the Special Acts of 1918) 

HENRY I. HARRIMAN, Chairman 
CHARLES H. COLE ERNEST A. JOHNSON 

GEORGE B. JOHNSON EDWARD E. WHITING 



OFFICERS 

(Appointed by the Trustees) 
EDWARD DANA General Manager 

HENRY L. WILSON Treasurer 

JOHN H. MORAN General Auditor 

H. WARE BARNUM General Counsel 

RUSSELL A. SEARS General Attorney 



REPORT OF THE BOARD OF PUBLIC TRUSTEES 

OF THE 

BOSTON ELEVATED RAILWAY 

TABLE OF CONTENTS 

Page 

Data of Operation 5 

Accident Reduction 5 

Increase in Fixed Charges 6, 7 

Important Improvements 6, 7 

Reduction in Local Fare 6 

Road and Equipment Account 6 

Service Changes 6, 7 

Maximum Day's Receipts 7 

Appendixes 

1. Comparative Division of Receipts and Expenditures . 8 

2. Traffic Statistics 9 

3. Comparative Passenger Statistics — Revenue Passengers 

Carried 9 

4. Yearly Average of Revenue Passengers, Weekly Pay 

Dollars and Number of Employees (Graph) . . 10 

5. Public Accountants' Certification 11 

6. General Balance Sheet 12 

7. Income Statement 16 

8. Operating Expense Accounts 18 

9. Road and Equipment Investment 20 

10. Passenger Cars and Buses Owned 21 

11. Revenue Passengers Carried — 1897 to 1930 ... 22 

12. Revenue Mileage 24 

13. Investment in Road Owned and Leased by Boston Ele- 

vated Railway 26 



14. City and State Investment in Subways, Tunnels and 

Rapid-Transit Lines, Dec. 31, 1930 . 

15. Investment, Passenger Revenue and Gross Income, 1897 

to date 

16. Allocation of Cost of Service per passenger (Graph) 

17. Per Cent of Maintenance and Depreciation to Total 

Income 

18. Comparative Power Statistics 

19. Distribution of Tax Payments in 1930 . 

20. Outstanding Capital Stock, Dec. 31, 1930 

21. Outstanding Funded Debt, Dec. 31, 1930 . 

22. History of 1919 Loan Assessment on cities and towns 

23. Reserve Fund 

24. Special Trust Fund 



27 

28 
29 

30 
30 
31 
32 
33 
34 
35 
36 



REPORT OF THE BOARD OF PUBLIC TRUSTEES OF THE 
BOSTON ELEVATED RAILWAY 



The Public Trustees of the Boston Elevated Railway Company 
respectfully submit their twelfth annual report. 

In addition to the changing character of the riding noted last 
year, namely, the decline in Sunday, holiday and summer riding, the 
railway has been subjected to the effect of the severe economic de- 
pression. A transportation system such as the Boston Elevated 
quickly feels lessened general business activities and the total re- 
ceipts during the calendar year 1930 decreased $1,585,901.86 as com- 
pared with 1929, or 4.65%. 

It is believed that owing to the fact that the service rendered 
by the Boston Elevated is a unified service of bus, car and rapid 
transit trains, the loss in riding has been less in Boston than has 
been general elsewhere. These figures seem to indicate the value of 
rapid transit as compared with surface line systems. 

The loss in number of revenue passengers carried during the 
year 1930 as compared with the year 1929 in various cities was as 
follows : 



Baltimore 


11.03% 


Newark 


14.81 


Boston 


3.25 


New York 


1.31 


Chicago 


8.44 


Philadelphia 


6.40 


Cleveland 


15.20 


Pittsburgh 


7.49 


Detroit 


20.54 


St. Louis 


12.05 


Indianapolis 


14.81 


Washington 


8.54 


Averaj 


?e of 12 cities (17 co 


nipanies) 


6.80 



During 1930 operating expenses have been further reduced 
by $496,772.55. The total operating expense for 1930 was 
$23,527,974.68, the lowest since 1922, although during this period 
many items of operating expenses, including wages, have advanced, 
and 5,354,103 more miles were operated in 1930 than in 1922. 

The safety efforts mentioned last year in connection with the 
Brady award have been continued and improved as evidenced by 
the fact that all collision accidents on surface cars and buses have 
been reduced from 1.5 to 1.3 per 10,000 miles operated. 

The total cost of injuries and damages has been as follows : 

1928 $1,502,313.56 

1929 $1,201,642.83 

1930 $1,108,584.61 

Subway and tunnel rentals increased $124,873.18 during 1930 
over the year previous. It should be noted that for the last year 
prior to Public Control subway and tunnel rentals called for 
$991,551.30 per year, whereas for 1930 the charge amounted to 
$2,775,244.49. 

The revenue for the year failed to meet the cost of service by 
$1,134,638.81 owing to the causes previously mentioned. 



The investment in Road and Equipment is $112,254,906.76 as 
compared with $112,787,510.53 on December 31, 1929. 

Such capital expenditures as were necessary to improve service 
and secure economies were made, the total of such expenditures 
being less than the value of property retired from service during the 
year, the major item of which was the Harvard Power Station, which 
was sold to Harvard College February 28, 1930. 

During the year a new garage was constructed at Bartlett 
Street, Roxbury, for the motor bus lines in downtown Boston, and 
represents the latest type in bus garage construction and efficiency. 

During the year 66 motor buses were added, all of the Metropo- 
litan coach modern type, with increased seating capacity. 

Traffic upon the Dorchester Tunnel Extension gives promise of 
constant increase, as was predicted in last year's report. 

The Trustees feel that mention should be made of the different 
conditions affecting development in the Dorchester section served by 
the Cambridge-Dorchester Tunnel from the conditions existing in 
Cambridge and vicinity. An expensive rapid transit line such as the 
Dorchester Tunnel requires density of population to increase its 
traffic, and whereas in Cambridge there have grown up many apart- 
ment buildings, the zoning laws in Boston prevent such growth in 
Dorchester and unless changed will naturally retard the growth of 
riding on this efficient and important means of rapid transit. 

On September 1, 1930, the Trustees rearranged the system of spe- 
cial reduced rates for local rides. At the same time certain zones were 
modified and all free transfers in connection with local rides discon- 
tinued. It was hoped that the stimulation to local riding together 
with the other changes would offer opportunity to secure additional 
revenue. The local riding was stimulated by the reduction in fare. 
The change in the zones and reduction of transfers resulted in ap- 
proximately the same total revenue being received from local pas- 
sengers as was obtained at the higher rate. 

On February 17, 1930, a new high record of peak load require- 
ments for power was established, viz.: 88,080 K. W. H. direct 
current. 

During the year the Newbury Substation was constructed near 
the junction of Massachusetts Avenue and Boylston Street equipped 
with two 3,000 K. W. mercury arc rectifiers, which will be ready for 
operation in February 1931. 

The lighting of high level subway and tunnel station pits was 
begun and will be completed in 1931. 

Broadway Station, South Boston, was rearranged to permit the 
operation of the Bay View buses through the station, and new buses 
with doors operating on both sides were provided for this service. 

In East Boston, the Gladstone Street Loop was constructed and 
the delays and congestion previously caused by the interchange of 
Eastern Massachusetts Street Railway and Boston Elevated cars at 
Orient Heights have been remedied. 



The Lake Street Terminal was completed upon the property of 
the Railway and the old structure in the highway at that point which 
had been a source of complaint was removed. 

A new bus loop was provided at the end of the Belmont-Harvard 
Square bus line on property of the Railway. 

On October 1, 1930, the two surface divisions, formerly Di- 
visions 3 and 4, were consolidated in a single operating division with 
headquarters at Harvard Square, with efficient and economical 
results. 

Construction work was begun by the City of Boston Transit 
Department upon the extension of the Boylston Street Subway 
under Governor Square. 

Motor bus service replaced surface car service on Prospect 
Street, Cambridge. 

Improved service was provided on Massachusetts Avenue over 
Harvard Bridge by operating a line from Harvard Square to Lenox 
Street and another line from Dudley Street to Massachusetts Station. 

Andrew Square was in part made a prepaid area for Meeting- 
house Hill cars. 

A stop-on-signal was established on the Mattapan high speed 
line at Capen Street. 

On October 7th, the day of the American Legion parade, the 
revenue of $136,796.92 was the greatest in the history of the railway. 

Motor bus service was established on Massachusetts Avenue 
between Northampton Street elevated station and Savin Hill. 

The West Medford-Winter Hill car line was replaced with 
motor buses operating to the lower level of Sullivan Square Terminal 
via Mystic Avenue with practically non-stop service from Medford 
Square. 

(Signed) HENRY I. HARRIMAN, Chairman, 
EDWARD E. WHITING 
CHAS. H. COLE, 
G. B. JOHNSON 
ERNEST A. JOHNSON. 



January 28, 1931. 



8 

Appendix 1 
Comparative Division of Receipts and Expenditures for Years Ended Dec. 31. 



Total Receipts . 
Operating Expenses: 

Wages 

Material and other items . 

Injuries and Damages 

Depreciation .... 

Coal 

Total Operating Expenses 

Rent of Leased Roads (in- 
cluding dividend rental 
under Chapter 159, Acts 
of 1918) 

Taxes 

Subway, Tunnel and Rapid 
Transit Line Rents . 

Interest on Bonds and Notes 

Miscellaneous Items 

Total Cost of Service . 
Gain for year .... 
Loss for year .... 



1930 



$32,510,721.17 

$15,865,649.37 
2,999,654.49 

917,354.53 
2,839,342.46 

905,973.83 



$23,527,974.68 



$3,130,025.45 
1,686,950.55 

2,775,244.49 

2,455,374.66 

69,790.15 



$33,645,359.98 



$1,134,638.81 



1929 



$34,096,623.03 

$16,093,870.85 
2,996,280.21 
1,010,378.57 
2,878,054.52 
1,046,163.08 



$24,024,747.23 



$3,139,000.80 
1,619,962.88 

2,650,371.31 

2,495,850.19 

72,617.98 



$34,002,550.39 
$94,072.64 



1928 



$34,843,147.51 

$16,646,421.20 
3,183,935.30 
1,306,882.63 
2,671,141.73 
1,091,807.83 



$24,900,188.69 



$3,145,726.48 
1,721,678.45 

2,389,354.11 

2,557,565.53 

88,583.23 



$34,803,096.49 
$40,051.02 



1927 



$35,193,410.03 

$16,757,338.49 
3,262,789.41 
1,203,518.05 
2,824,220.15 
1,084,466.71 



1926 



$25,132,332.81 



$3,152,431.71 
1,864,135.90 

2,224,087.95 

2,524,843.23 

72,762.94 



$34,970,594.54 
$222,815.49 



$35,481,313.38 

$17,697,377.55 

3,462,091.07 

925,918.61 

2,841,721.52 

1,149,159.36 



$26,076,268.11 



$3,162,454.21 
1,910,764.61 

2,217,000.93 

2,535,504.81 

62,069.83 



$35,964,062.50 



$482,749.12 



Note :— Profit and Loss Adjustments not included in above. 



Appendix 2 



Traffic Statistics, Year Ended December 31 





1930 


1929 


1928 


1927 


Round trips operated .... 


7,453,801 


7,361,738 


7,316,027 


7,295,371 


Passenger revenue .... 


$31,415,746.94 


$32,885,587.94 


$33,616,877.00 


$34,000,570.95 


Passenger revenue per mile (cents) 


56.04c 


58.01c 


58.49c 


59.83c 


Passenger revenue per hour 


$5.66 


$5.86 


$5.92 


$5.93 


Passenger revenue mileage 


56,060,874* 


56,684,985* 


57,475,124* 


56,827,962* 


Passenger revenue hours . 


5,548,253 


5,613,300 


5,674,941 


5,735,491 


Revenue passengers carried 


342,694,905 


354,214,990 


362,005,033 


366,938,908 


Revenue passengers carried per mile 


6.113 


6.249 


6.298 


6.457 


Revenue passengers carried per hour 


61.77 


63.10 


63.79 


63.98 



Including motor bus mileage. 



1930 


7,813,467 


1929 


7,138,386 


1928 


5,999,879 


1927 


5,562,766 



Appendix 3 
Comparative Passenger Statistics — Revenue Passengers Carried 



Year 



1930 
1929 
1928 
1927 
1926 
1925 
1924 
1923 
1922 
1921 
1920 
1919 
1918 
1917 



Week day 
Average 



1,025,036 

1,049,304 

1,067,980 

1,079,087 

1,086,544 

1,066,317 

1,109,861 

1,109,274 

1,030,303 

975,745 

960,737 

934,918 

985,384 

1,073,943 



Saturday 
Average 



1,050,111 
1,123,058 
1,143,250 
1,166,933 
1,191,342 
1,172,871 
1,216,132 
1,196,301 
1,144,320 
1,068,295 
1,072,319 
1,078,635 
1,147,809 
1,249,588 



Sunday 
Average 



488,101 
518,093 
539,813 
555,326 
576,701 
577,200 
630,755 
652,404 
617,148 
578,860 
591,063 
596,182 
658,902 
728,847 



Holiday 
Average 



590,810 
602,071 
631,916 
661,840 
666,258 
660,007 
727,191 
758,915 
691,890 
696,691 
703,634 
706,429 
775,634 
857,902 



Total for 
Year 



342,694,905 
354,214,990 
362,005,033 
366,938,908 
371,218,401 
365,036,286 
382,888,848 
382,149,697 
356,593,942 
337,252,080 
335,526,561 
324,758,685 
348,664,700 
381,017,338 



10 
Appendix 4 



BOSTON ELEVATED RA1LWPY 

Yearly Averages 

Revenue Passengers per Car and Bus Mile 



7.0 
6.5 

6.0 
5.5 
5.0 

*40 

35 
30 
25 
20 
15 

id 

10.500 
10.000 
9.500 
9.000 

8.500 

8.000 
7«^n 






























* 














































































































































Weekly Pay dollars 




'• 












































































































































































































Iumber of Employees om WeeklyPayroll 










/ 


































/ 








































.i 




























/ 






















































































-. 









1915 1917 1919 1921 1923 1925 1927 1929 
1909 191b 1918 1920 1922 1924- 1926 1928 1930 



11 

Appendix 5 



Patterson, Teele & Dennis 
Accountants and Auditors 



1 Federal Street, Boston, January 30, 1931. 

Mr. Henry I. Harriman, Chairman, 
General Charles H. Cole, 
Mr. George B. Johnson, 
Mr. Ernest A. Johnson, 
Mr. Edward E. Whiting, 

Trustees, 

Boston Elevated Railway, 
Boston, Massachusetts. 

Sirs: 

We have examined the accounts of the Boston Elevated Railway for the 
year ending December 31, 1930, and we report upon the Railway's financial 
statements for the year, presented herewith as follows : 

Road and Equipment are shown at book values. In our opinion, adequate 
provision for depreciation has been made for the year under review, in pur- 
suance of the plan for depreciation reserves followed by the Public Trustees 
from July 1, 1918. 

The securities owned by the Railway were produced for our inspection and 
are carried at cost values, which, in the aggregate, are less than the total market 
values. We have verified the current assets as shown by the books, and have 
satisfied ourselves that the liabilities are correctly stated. 

WE HEREBY CERTIFY that, subject to the foregoing comments, the 
accompanying balance sheet is in accordance with the books and correctly states 
the financial condition of the Boston Elevated Railway at December 31, 1930; 
and that, in our opinion, the operating results for the year 1930 are fairly pre- 
sented in the accompanying income statement. 

Respectfully submitted, 

(Signed) Patterson, Teele & Dennis, 
Accountants and Auditors. 



12 



Appendix 6 
General Balance Sheet 



Debits 



Investments 
Road and Equipment: 
Way and Structures 

Equipment 

Power 

General and Miscellaneous . 



Total Road and Equipment 



Miscellaneous Physical Property 

Other Investments: 

Stocks 

Notes 

Advances, Road and Equipment: 

Eastern Massachusetts Street Railway Company 



Total Other Investments 
Total Investments . 



Dec. 31, 1930 



$61,201,275.69 

30,868,226.32 

18,277,027.89 

1,908,376.86 



$112,254,906.76 

$737,990.74 

$2,501.00 
43,600.00 

199,048.92 



$245,149.92 
$113,238,047.42 



Dec. 31, 1929 



$61,283,292.35 

30,413,685.77 

19,183,476.37 

1,907,056.04 



$112,787,510.53 

$735,951.94 

$2,501.00 
45,700.00 

196,267.29 



$244,468.29 
$113,767,930.76 



Dec. 31, 1928 



$61,675,752.84 

30,219,791.85 

18,729,198.48 

1,903,192.14 



$112,527,935.31 

$745,278.67 

$2,501.00 
30,800.00 

187,332.15 



$220,633.15 
$113,493,847.13 



13 



General Balance Sheet — Continued 



Credits 



Stock 
Capital Stock: 
First Preferred Stock . 
Second Preferred Stock . 

Preferred Stock 

Common Stock 

Total Capital Stock . 

Premium on Capital Stock: 
Second Preferred Stock . 
Common Stock 

Total Premium on Capital Stock 
Total Stock 

L«ng Term Debt 



Funded Debt Unmatured: 

Miscellaneous Obligations: 
4i% 20 yr. W. E. St. Ry. Co. 
4% 30 yr. W. E. St. Ry. Co. 
5% 20 yr. W. E. St. Ry. Co. 
6% 10 yr. Boston Elev. Ry. 
6% 10 yr. Boston Elev. Ry. 
Boston Elev. Ry. 



4% 



10 yr. 



30 yr. Boston Elev. 
5% 20 yr. W. E. St. Ry. 
5% 10 yr. Boston Elev. 

30 yr. Boston Elev. 

10 yr. Boston Elev. 



44% 

5% 

4*% 



30 yr. Boston Elev. 



5% 30 yr. Boston Elev. 
6% 30 yr. W. E. St. Ry. 
7% 30 yr. W. E. St. Ry. Co. 



Ry. 

Co, 

Ry. 
Ry. 
Ry. 
Ry. 
Ry. 
Co. 



Bonds, 

Bonds, 

Bonds, 

Bonds, 

Bonds, 

Bonds, 

Bonds, 

Bonds, 

Bonds, 

Bonds, 

Bonds, 

Bonds, 

Bonds, 

Bonds, 

Bonds, 



due July 
due Aug. 
due Nov. 
due June 
due Mar. 
due Aug. 
due May 
due May 
due Feb. 
due Oct. 
due July 
due Nov. 
due Dec. 
due Mar. 
due Sept. 



Total Bonds 
Mortgage Notes 



Total Funded Debt Unmatured 
Total Long-Term Debt 



1930 
1932 
1932 
1933 
1934 
1934 
1935 
1936 
1937 
1937 
1940 
194] 
1942 
1944 
1947 



Dec. 31, 1930 



$6,400,000.00 

13,183,450.00 

3,000,000.00 

23,879,400.00 



$46,463,850.00 



2,232,477.02 
2,707,428.13 



$4,939,905.15 
$51,402,755.15 



5,709,000.00 

600,000.00 

3,000,000.00 

2,098,000.00 

1,581,000.00 

8,500,000.00 

815,000.00 

6,511,000.00 

4,800,000.00 

1,200,000.00 

5,000,000.00 

8,286,000.00 

2,600,000.00 

570,000.00 



$51,270,000.00 

125,000.00 



$51,395,000.00 
$51,395,000.00 



Dec. 31, 1929 



$6,400,000.00 

13,292,600.00 

3,000,000.00 

23,879,400.00 



$46,572,000.00 



2,232,477.02 
2,707,428.13 



$4,939,905.15 
$51,511,905.15 



1,604,000.00 
5,709,000.00 

600,000.00 
3,000,000.00 
2,098,000.00 
1,581,000.00 
8,500,000.00 

815,000.00 
6,511,000.00 
4,800,000.00 

5,000,000.00 

8,286,000.00 

2,600,000.00 

570,000.00 



$51,674,000.00 

125,000.00 



$51,799,000.00 
$51,799,000.00 



Dec. 31, 1928 



$6,400,000.00 

13,399,500.00 

3,000,000.00 

23,879,400.00 



$46,678,900.00 



2,232,477.02 
2,707,428.13 



$4,939,905.15 
$51,618,805.15 



1,604,000.00 
5,709,000.00 

600,000.00 
3,000,000.00 
2,098,000.00 
1,581,000.00 
8,500,000.00 

815,000.00 
6,511,000.00 
4,800,000.00 



5,000,000.00 

8,286,000.00 

2,600,000.00 

570,000.00 



$51,674,000.00 

125,000.00 



$51,799,000.00 
$51,799,000.00 



14 



General Balance Sheet — Continued 



Debits 


Dec. 31, 1930 


Dec. 31, 1929 


Dec. 31, 1928 


Current Assets 

Special Deposits: 

Interest, Dividends and Rents Unpaid .... 
Reserve Fund, Chap. 159, Spec. Acts 1918 . 


$587,526.20 

$793,321.75 


$556,406.99 

$791,076.50 
283,636.44 


$611,071,62 

$792,543.50 
71,192.25 


Loans and Notes Receivable 

Miscellaneous Accounts Receivable .... 

Material and Supplies 

Interest, Dividends and Rents Receivable 


$793,321.75 

$500.00 

207,359.10 

1,946,273.68 

5,889.04 

44,880.00 


$1,074,712.94 

$7,242.00 

353,438.26 

1,917,863.23 

5,558.79 

45,308.77 


$863,735.75 

$269,685.36 

1,968,801.87 

5,189.39 

41,430.40 


Total Current Assets 

Deferred Assets 


$3,585,749.77 

2,980,306.68 


$3,960,530.98 
2,952,341.47 


$3,759,914.89 

2,937,045.86 


Unadjusted Debits 
Rents and Insurance Premiums Paid in Advance . 

Other Unadjusted Debits: 

Cost of Service deficit for twelve months ending 
June 30, 1919, as provided for by Commonwealth 
of Massachusetts, Chap. 159, Special Acts of 1918 


$2,980,306.68 

$108,857.50 
$340,192.24 

1,349,333.35 
21,821.08 


$2,952,341.47 

$55,955.40 
$368,118.76 

1,349,333.35 
29,055.38 


$2,937,045.86 

$113,243.00 
$415,505.08 

1,349,333.35 
143,480.98 


Total Other Unadjusted Debits .... 
Total Debits 


$1,371,154.43 

$1,820,204.17 

$121,624,308.04 


$1,378,388.73 

$1,802,462.89 

$122,483,266.10 


$1,492,814.33 

$2,021,562.41 

$128,212,369.79 



15 



General Balance Sheet — Concluded 



Credits 


Dec. 31, 1930 


Dee. 31, 1929 


Dec. 31, 1928 


Current Liabilities 

Audited Accounts and Wages Payable .... 
Matured Interest, Dividends and Rents Unpaid . 
Accrued Interest, Dividends and Rents Payable: 

Accrued Interest on Funded Debt .... 

Accrued Rents, Leased Roads, Other Companies . 

Accrued Rents, Leased Roads, B. E. Ry. Co., 

Accrued Rents, Subways and Tunnels 
Accrued Interest on Loans and Notes Payable 


$611,546.24 
795,806.25 

$578,853.76 
5,998.02 

230,710.38 
96,623.34 


$300,000.00 
472,599.87 
792,282.00 

$578,853.76 
6,629.58 

232,620.51 

95,610.00 

83.34 


$2,050,000.00 
600,643.44 
793,749.00 

$578,853.76 
6,619.76 

234,491.25 
94,633.34 


Total Accrued Interest, Dividends and Rents 
Deferred Liabilities 


$912,185.50 
$2,319,537.99 

18,242.69 


$913,797.19 
$2,478,679.06 

13,153.89 


$914,598.11 
$4,358,990.55 

19,343.51 


Unadjusted Credits 
Operating Reserves: 


$18,242.69 

$610,778.55 
$112,125.14 

1,474,675.07 


$13,153.89 

$573,451.81 
$135,926.78 

1,679,599.48 


$19,343.51 

$635,128.21 
$160,522.46 

1,537,667.47 


Accrued Depreciation — Road and Equipment 
Other Unadjusted Credits: 

Amount advanced by Commonwealth of Massa- 
chusetts under Chapter 159, Special Acts of 
1918, account deficit in Cost of Service for 12 
months ending June 30, 1919 .... 


$1,474,675.07 
$13,667,480.08 

143,812.44 

1,349,333.35 
443.02 


$1,679,599.48 
$12,714,706.13 

179,336.95 

1,349,333.35 
2,430.02 


$1,537,667.47 
$10,852,610.22 

164,352.07 

1,349,333.35 
40,000.00 


Total Other Unadjusted Credits .... 

Corporate Surplus 

Profit and Loss — Period to June 30, 1918 . 
Profit and Loss — Period since July 1, 1918 . 
Profit and Loss — Arising out of consolidation with 
West End St. Ry. Co., June 10, 1922 .... 


$1,493,588.81 
$17,358,647.65 

$8,253.21* 
1,513,199.22* 

651,576.99 


$1,531,100.32 
$16,634,784.52 

$8,253.21* 
460,465.09* 

514,461.78 


$1,553,685.42 
$14,739,618.78 

$10,556.12* 
705,093.26* 

392,266.17 


Total Corporate Surplus 

Total Credits 


$869,875.44* 
$121,624,308.04 


$45,743.48 
$122,483,266.10 


$323,383.20* 
$122,212,369.79 



1 Debit 



16 



Appendix 7 
Income Statement 



Operating Income 



Twelve 

Months Ended 
Dec. 31, 1930 



Passenger Car Revenue 

Passenger Motor Bus Revenue 

Special Car and Special Bus Revenue .... 

Mail Revenue 

Miscellaneous Transportation Revenue .... 

Total Revenue from Transportation . 

Station and Car Privileges 

Rent of Tracks and Facilities 

Rent of Equipment 

Rent of Buildings and other Property .... 

Power 

Miscellaneous 

Total Revenue from other Railway Operations 

Total Railway Operating Revenues . 
Railway Operating Expenses: 

Way and Structures 

Equipment 

Power 

Conducting Transportation .... 

Traffic 

General and Miscellaneous 

Transportation for Investment 

Total Railway Operating Expenses .... 
Per Cent of Operating Expenses to Operating Revenues 
Per Cent of Operating Expenses to Operating and 

Non-Operating Income 

Net Revenue, Railway Operations 

Taxes Assignable to Railway Operations 

Operating Income 

t Credit. 



$28,542,445.38 

2,811,302.53 

61,999.03 

175.00 

555.00 



$31,416,476.94 

$767,692.82 
46,889.58 
2,841.55 
67,024.29 
71,120.08 
34,353.23 



Twelve 

Months Ended 

Dec. 31, 1929 



$989,921.55 

$32,406,398.49 

$3,328,419.09 

4,226,793.58 

2,391,733.11 

10,735,974.89 

58,006.49 

2,792,207.94 

t5,160.42 



$23,527,974.68 

72.60 

72.37 



$8,878,423.81 
$1,686,950.55 
$7,191,473J26 



$30,354,649.06 

2,498,111.61 

32,827.27 

175.00 

1,818.55 



$32,887,581.49 

$776,044.38 
47,087.18 
21,208.92 
59,996.88 
161,247.07 
54,530.12 



$1,120,114.55 

$34,007,696.04 

$3,336,537.90 

4,299,551.73 

2,501,693.50 

10,892,280.34 

22,253.43 

2,978,798.28 

t6,367.95 



$24,024,747.23 

70.65 

70.46 



$9,982,948.81 
$1,619,962.88 
$8,362,985.93 



Twelve 

Months Ended 

Dec. 31, 1928 



$31,496,102.26 

2,085,036.28 

35,738.46 

175.00 

1,839.97 



$33,618,891.97 

$777,699.22 
58,554.88 
25,943.99 
58,054.92 
149,828.14 
53,682.97 



$1,123,704.12 

$34,742,656.09 

$3,669,423.66 

4,261,798.47 

2,505,524.66 

11,167,506.50 

33,309.63 

3,271,513.35 

t8,887.58 



$24,900,188.69 
71.67 

71.46 



$9,842,467.40 
$1,721,678.45 
$8,120,788.95 



17 



Income Statement — Concluded 



Non-Operating Income 

Income from Funded Securities 

Income from Unfunded Securities and Accounts 
Income from Sinking Fund and Other Reserves . 
Release of Premiums on Funded Debt . 
Miscellaneous Income 

Total Non-Operating Income . .. 
Gross Income 

Deductions from Gross Income 
Rent for Leased Roads: 

Boston Elevated Railway Co. — Dividend Rental 
Other Roads 

Total Rent for Leased Roads 

Miscellaneous Rents 

Net Loss on Miscellaneous Physical Property 
Interest on Funded Debt . . . 

Interest on Unfunded Debt 

Amortization of Discount on Funded Debt . 
Miscellaneous Debits 

Total Deductions from Gross Income 
Balance after Cost of Service 



Twelve 
Months Ended 
Dec. 31, 1930 



$3,550.50 
42,684.03 
33,280.00 
23,801.64 
1,006.51 



$104,322.68 
$7,295,795.94 



$3,081,309.37 
48,716.08 



Twelve 

Months Ended 

Dec. 31, 1929 



Twelve 

Months Ended 

Dec. 31, 1928 



$1,846.50 
27,918.81 
33,280.00 
24,595.68 
1,286.00 



$88,926.99 
1,451,912.92 



$3,130,025.45 

2,775,244.49 

5,133.37 

2,456,285.00 

f910.34 

48,411.52 

16,245.26 



$8,430,434.75 
f $1,134,638.81 



$3,089,528.26 
49,472.54 



$3,139,000.80 

2,650,371.31 

8,481.13 

2,462,375.00 

33,475.19 

47,386.32 

16,750.53 



$3,607.50 
37,352.98 
33,280.00 
24,595.68 
1,655.26 



$100,491.42 
$8,221,280.37 



$8,357,840.28 
$94,072.64 



$3,095,606.87 
50,119.61 



$3,145,726.48 
2,389,354.11 
24,388.43 
2,462,375.00 
95,190.53 
47,386.32 
16,808.48 



$8,181,229.35 
$40,051.02 



f Credit. 



18 



Appendix 8 
Operating Expense Accounts 



Wav and Structures 



Superintendence of Way and Structures . . 
Maintenance of Track and Roadway 

Removal of Snow and Ice 

Roadway Structures 

Signal and Telephone and Telegraph Lines . 
Other Miscellaneous Way Expenses .... 
Maintenance of Electric Line Equipment . 
Maintenance of Buildings, Fixtures and Grounds 
Depreciation of Way and Structures 



Total Way and Structures 



Equipment 
Superintendence of Equipment .... 
Maintenance of Cars and Motor Buses . 
Maintenance of Electrical Equipment of Cars 

Shop Expenses 

Miscellaneous Equipment 

Depreciation of Equipment 



Total Equipment 

Power 

Superintendence of Power 

Maintenance of Power Plants 

Depreciation of Power Plant Buildings and Equipment 

Operation of Power Plants 

Gasoline for Motor Buses 

Total Power 



1930 



$303,745.52 

1,248,504.68 

55,376.73 

115,311.44 

41,956.70 

39,859.01 

238,558.42 

363,986.59 

921,120.00 



$3,328,419.09 

$165,160.48 

1,766,603.97 

492,655.60 

265,460.56 

79,250.51 

1,457,662.46 



$4,226,793.58 

$108,782.31 

330,834.71 

460,560.00 

1,270,000.53 

221,555.56 



$2,391,733.11 



1929 



$309,278.90 

1,236,142.75 

76,929.55 

109,619.71 

45,843.27 

40,836.13 

224,970.24 

369,397.35 

923.520.00 



$3,336,537.90 

$175,699.12 

1,825,615.80 

472,343.23 

267,565.05 

78,034.01 

1,480,294.52 



$4,299,551.73 

$107,733.78 

237,334.59 

474,240.00 

1,456,631.54 

225,753.59 



$2,501,693.50 



1928 



$318,068.09 

1,476,835.90 

57,279.37 

134,200.15 

40,619.23 

1,817.87 

251,601.08 

440,521.97 

948,480.00 



$3,669,423.66 

$173,140.82 

1,903,988.80 

518,638.43 

277,541.64 

90,147.05 

1,298,341.73 



$4,261,798.47 

$108,784.87 
282,168.73 
424,320.00 

1,514,537.32 
175,713.74 



$2,505,524.66 



19 



Operating Expense Accounts — Concluded 



Conducting Transportation 



Superintendence of Transportation 

Passenger Conductors, Motormen, Trainmen and Bus 

Operators 

Freight Conductors, Motormen and Trainmen . 
Miscellaneous Car and Bus Service Employees . 
Miscellaneous Car and Bus Service Expenses . 

Station Employees 

Station Expenses 

Car House and Bus Garage Employees .... 
Car House and Bus Garage ExpGnses .... 
Operation of Signal and Telephone and Telegraph 

Lines 

Other Transportation Expenses 

Total Conducting Transportation .... 

Traffic 
Traffic 

General and Miscellaneous 
Salaries and Expenses of General Officers and Clerks 
General Office Supplies and Expenses .... 

Law Expenses 

Relief Department Expenses, Pensions and Gratuities 

Miscellaneous General Expenses 

Injuries and Damages 

Insurance 

Stationery and Printing 

Store, Garage and Stable Expenses 

Rent of Tracks and Facilities 

Rent of Equipment 

Total General and Miscellaneous .... 

Transportation for Investment 
Total Operating Expenses 



1930 



$1,331,828.87 

6,455,330.91 
278.55 
248,006.63 
144,432.16 
680,360.89 
268,109.33 
977,354.39 
98,626.21 

295,866.42 
235,780.53 



1929 



$10,735,974.89 



$58,006.49 



$482,736.39 
124,034.83 

43,616.86 

282,432.70 

158,539.27 

1,108,584.61 

174,866.71 

76,416.34 
296,811.60 

20,523.28 

23,645.35 



$2,792,207.94 

t$5,160.42 
$23,527,974.68 



$1,335,818.56 

6,624,406.87 
79.99 
249,727.96 
147,989.17 
669,682.98 
284,388.08 
963,701.43 
97,234.22 

287,690.46 
231,560.62 



1928 



$10,892,280.34 



$22,253.43 



$468,918.32 
120,933.82 

39,462.01 

303,998.60 

160,668.40 

1,201,642.83 

258,955.04 

72,409.11 
307,077.51 

20,908.19 

23,824.45 



$2,978,798.28 

t$6,367.95 

$24,024,747.23 



$1,334,358.64 

6,897,622.41 
91.62 

255,713.52 
145,023.75 
659,353.50 
326,675.11 
941,655.44 
95,895.12 

289,280.69 
221,836.70 



$11,167,506.50 



$33,309.63 



$473,324.17 
121,113.54 

41,901.02 

278,746.83 

153,871.06 

1,502,313.56 

230,125.89 

79,113.83 
343,587.56 

22,482.14 

24,933.75 



$3,271,513.35 

t$8,887.58 
$24,900,188.69 



fCredit. 



20 



Appendix 9 
Road and Equipment Investment 



Account 



Way and Structures 

A/c 501 Engineering and Superintendence 

502 Right of Way 

503 Other Land 

504 Grading 

505 Ballast 

506 Ties 

507 Rails, Rail Fastenings and Joints 

508 Special Work 

510 Track and Roadway Labor .... 

511 Paving 

512 Roadway Machinery and Tools . 

513 Tunnels and Subways 

514 Elevated Structures and Foundations 

515 Bridges, Trestles and Culverts . 

516 Crossings, Fences and Signs 

517 Signals and Interlocking Apparatus . 

518 Telephone and Telegraph Lines . 

519 Poles and Fixtures 

520 Underground Conduit 

521 Distribution System 

523 Shops, Car Houses and Garages . 

524 Stations, Misc. Buildings and Structures 

525 Wharves and Docks 

Total Way and Structures 

Equipment 

A/c 530 Passenger Cars and Buses .... 

532 Service Equipment 

533 Electric Equipment of Cars .... 

536 Shop Equipment 

537 Furniture 

538 Miscellaneous Equipment .... 

Total Equipment 

Power 

A/c 539 Power Plant Buildings 

540 Sub Station Buildings 

542 Power Plant Equipment .... 

543 Sub Station Equipment 

544 Transmission System 

Total Power 

General and Miscellaneous 

A/c 546 Law Expenditures 

547 Interest during Construction .... 

548 Injuries and Damages 

549 Taxes 

550 Miscellaneous 

Total General and Miscellaneous . 
Total Road and Equipment 



Total 
Dec. 31, 1930 



$1,771,879.54 

11,450,037.63 

5,509,968.93 

264,967.40 

771,059.23 

921,102.55 

2,487,254.31 

4,428,432.52 

4,251,695.47 

1,636,129.82 

277,127.41 

322,159.92 

5,734,943.16 

1,928,687.45 

124,148.21 

1,110,649.09 

101,711.17 

643,132.50 

1,821,984.96 

3,928,610.37 

7,207,631.11 

4,275,661.74 

232,301.20 



$61,201,275.69 



$19,981,180.52 

1,062,321.80 

8,460,885.09 

696,137.44 

208,134.64 

459,566.83 



$30,868,226.32 



$5,191,590.31 

551,125.68 

8,649,913.28 

2,277,497.31 

1,606,901.31 



$18,277,027.89 



$250.00 

1,757,459.50 

7,500.00 

161,349.02 

18,181.66 



$1,908,376.86 
$112,254,906.76 



Total 
Dec. 31, 1929 



$1,771,879.54 

11,447,025.45 

5,507,637.98 

256,257.47 

772,166.81 

956,197.71 

2,618,906.91 

4,449,192.20 

4,299,238.56 

1,631,946.84 

267,850.52 

322,311.55 

5,734,943.16 

1,927,144.50 

124,148.21 

1,106,026.72 

99,596.71 

653,347.02 

1,811,588.26 

3,969,109.65 

7,089,244.30 

4,235,231.08 

232,301.20 



$61,283,292.35 



$19,453,565.49 

1,071,062.41 

8,517,535.77 

728,116.02 

184,304.95 

459,101.13 



$30,413,685.77 



$5,738,253.09 

548,229.86 

9,277,918.42 

2,191,638.77 

1,427,436.23 



$19,183,476.37 



$250.00 

1,756,138.68 

7,500.00 

161,349.02 

18,181.66 



$1,907,056.04 
$112,787,510.53 



Note: — Bold denote credits. 



21 



Appendix 10 



Passenger Cars and Buses Owned 
Surface Cars 





1930 


1929 


1918 


Semi-convertible cars — Type No. 1 — No. 4A3 
Semi-convertible cars — Type No. 5 


348 
471 
396 
220 


352 
471 
396 

220 

22 


453 

100 

174 

1 

177 

1,113 

1,354 




1,435 


1,461 


3,372 



Rapid Transit Cars 



Elevated cars, wood and steel 

Elevated cars, steel 

Cambridge-Dorchester Tunnel cars, steel 
East Boston Tunnel cars, steel 

Total Rapid Transit Cars 

Total Surface and Rapid Transit Cars 







169 


325 


325 


162 


155 


155 


60 


48 


48 


... 


528 


528 


391 


1,963 


1,989 


3,763 



Motor Buses 



Mechanical Drive 








25 Passenger buses 


95 


116 




29 Passenger buses 








125 


125 




31 Passenger buses 








1 


1 




33 Passenger buses 








1 


1 




37 Passenger buses 








12 


12 




38 Passenger buses 








1 


— 




39 Passenger buses 








32 


10 




40 Passenger buses 








48 


5 




Total Mechanical Drive 


315 


270 




Gas Electric 








29 Passenger buses 


3 


3 






15 


15 




36 Passenger buses 


16 


16 




37 Passenger buses 


15 


15 






49 


49 




Total Motor Buses .... 


364 


319 




Total Passenger Cars and Buses Owned . 


2,327 


2,308 


3,763 



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26 



Appendix 13 



Investment in Road Owned and Leased December 31, 1930 



Boston Elevated Railway 

Road and Equipment . 
Miscellaneous Physical Property 



$112,254,906.76 
737,990.74 



Total Boston Elevated Railway Investment $112,992,897.50 



Leased Lines 

Hyde Park Transportation District 
(City of Boston) .... 
Eastern Mass. St. Ry. Co. (Part Leased) 

Old Colony Lines, W. Roxbury $672,847.44 
Boston & Northern Lines, East 

Boston 34,980.72 

Boston & Northern Lines, Mid- 
dlesex Fells Line .... 29,546.01 
Expenditures for Additions and 

Betterments 199,048.92 



Total Eastern Mass. St. Ry. Co. 
Total Leased Lines . . 



$231,099.45 



936,423.09 



1,167,522.54 



City of Boston Investment 

Boylston Subway 

Cambridge Connection .... 

Dorchester Tunnel 

Dorchester Rapid Transit Extension 

East Boston Tunnel 

East Boston Tunnel Extension . 

Tremont Subway 

Washington Tunnel 

Total City of Boston Investment 



$6,513,724.53 
1,652,624.16 
12,193,883.81 
10,663,631.10 
7,202,881.95 
2,343,942.75 
4,403,533.58 
7,946,614.49 



52,920,836.37 



Commonwealth of Massachusetts Investment 
Cambridge Subway 



$7,964,000.00 



Total Commonwealth of Massachusetts Investment . . 
TOTAL INVESTMENT IN ROAD OWNED AND LEASED 



7,964,000.00 
. $175,045,256.41 



27 



Appendix 14 

City and State Investment in Subways, Tunnels and Rapid 
Transit Lines — December 31, 1930 



Owned by City of Boston 

Boylston Subway 

Cambridge Connection .... 

Dorchester Tunnel 

Dorchester Rapid Transit Extension 

East Boston Tunnel 

East Boston Tunnel Extension . 

Tremont Subway 

Washington Tunnel 



Total — City of Boston .... 

Owned by Commonwealth of Massachusetts 
Cambridge Subway 



GRAND TOTAL 



Construc- 
tion 
Length 
Miles 



1.503 
.470 
2.485 
6.076 
1.518 
.411 
1.698 
1.157 



15.318 
2.722 



18.040 



Investment 



$6,513,724.53 
1,652,624.16 
12,193,883.81 
10,663,631.10 
7,202,881.95 
2,343,942.75 
4,403,533.58 

7,946,614.49 

a 



$52,920,836.37 



7,964,000.00 



$60,884,836.37 



1930 
Rental Paid 



$292,713.47 
80,550.12 
548,427.20 
481,138.01 
323,707.08 
105,446.72 
198,093.82 
357,592.71 



,387,669.13 



397,080.00 



$2,784,749.13 



28 

Appendix 15 
Investment, Passenger Revenue and Total Income 1897-1930 











Permanent 
Investment 








Y par TTnrlprl 


Investment 






Passenger 
Revenue 


Total 










Per $1 of 
Pass. 
Rev. 


Per $1 of 

Total 

Income 


Income 


Dec. 


31, 


1930 










$175,045,256.41 


$5.57 


$5.38 


$31,415,746.94 


$32,510,721.17 


Dec. 


31, 


1929 










175,224,091.62 


5.33 


5.14 


32,885,587.94 


34,096,623.03 


Dec. 


31, 


1928 










172,486,669.04 


5.13 


4.95 


33,616,877.00 


34,843,147.51 


Dec. 


31, 


1927 










163,901,383.91 


4.82 


4.67 


34,000,570.95 


35,193,410.03 


Dec. 


31, 


1926 










159,025,141.62 


4.62 


4.48 


34,393,953.90 


35,481,313.38 


Dec. 


31, 


1925 










156,474,884.41 


4.63 


4.53 


33,790,441.73 


34,547,379.61 


Dec. 


31, 


1924 










155,490,852.91 


4.65 


4.54 


33,419,172.22 


34,175,319.61 


Dec. 


31, 


1923 










149,001,108.85 


4.48 


4.37 


33,297,951.50 


34,096,813.26 


Dec. 


31, 


1922 










143,345,873.68 


4.50 


4.38 


31,834,022.77 


32,699,176.37 


Dec. 


31, 


1921 










141,345,133.42 


4.38 


4.25 


32,253,629.59 


33,277,025.53 


Dec. 


31, 


1920 




I 






139,156,058.00 


4.20 


4.09 


33,108,946.48 


34,031,636.44 


Dec. 


31, 


1919 










138,117,974.50 


4.84 


4.68 


28,767,544.11 


29,498,582.82 


Dec. 


31, 


1918 










134,181,073.47 


6.59 


6.37 


20,352,412.11 


21,062,962.82 


Dec. 


31, 


1917 










121,807,319.67 


6.40 


6.15 


19,030,940.62 


19,818,407.01 


June 


30, 


1916 










117,116,007.58 


6.45 


6.24 


18,148,646.75 


18,781,327.74 


June 


30, 


1915 










113,166,182.04 


6.55 


6.33 


17,290,203.30 


17,886,549.64 


June 


30, 


1914 










106,990,919.12 


6.24 


6.02 


17,136,776.63 


17,785,978.25 


June 


30, 


1913 










105,019,587.59 


6.45 


6.19 


16,289,918.96 


16,968,328.33 


June 


30, 


1912 










101,864,058.69 


6.58 


6.17 


15,491,051.71 


16,522,542.00 


June 


30, 


1911 










92,904,910.27 


6.10 


5.81 


15,227,984.08 


15,980,707.94 


Sept. 


30, 


1909 










81,592,634.49 


5.82 


5.63 


14,024,768.39 


14,493,853.13 


Sept. 


30, 


1908 










70,957,716.76 


5.20 


5.04 


13,628,383.20 


14,074,696.51 


Sept. 


30, 


1907 










65,979,896.07 


4.87 


4.71 


13,546,779.20 


14,011,167.72 


Sept. 


30, 


1906 










59,873,910.46 


4.57 


4.39 


13,109,316.03 


13,634,612.49 


Sept. 


30, 


1905 










57,187,809.61 


4.64 


4.49 


12,337,867.16 


12,741,569.30 


Sept. 


30, 


1904 










51,886,524.39 


4.30 


4.13 


12,078,800.39 


12,436,593.79 


Sept. 


30, 


1903 










48,398,610.91 


4.15 


4.03 


11,666,906.60 


12,019,371.26 


Sept. 


30, 


1902 










46,466,591.31 


4.20 


4.10 


11,060,385.40 


11,321,030.13 


Sept. 


30, 


1901 










44,087,939.53 


4.17 


4.06 


10,562,533.45 


10,86"9;496.33 


Sept. 


30, 


1900 










37,793,501.62 


3.80 


3.69 


9,948,438.78 


10,236,994.49 


Sept. 


30, 


1899 










33,187,250.79 


3.51 


3.40 


9,449,928.89 


9,756,136.25 


Sept. 


30, 


1898 










31,251,811.90 


3.48 


3.38 


8,967,587.56 


9,257,252.94 


Sept. 


30, 


1897 








• 


25,291,913.22 


2.96 


2.90 


8,536,285.83 


8,719,031.78 



The permanent investment represents the actual money expended for property operated, owned and 
leased, including subways, tunnels and rapid transit lines owned by the City of Boston and Commonwealth 
of Massachusetts. 



29 

Appendix 16 



Boston Elevated Railway 

Allocation of Cost ofService 

per Passenger 

12 Months Ended Decembsr31. 1930 

AverageReceipts perRevenuePassenger 9.487^ 
Cost of Service 9 # 3I8^ >1ER ^ EVEMUE ^* SSEHGER 

DIVIDED AS FOLLOWS 






vTA^ \ ^ v pi 

.J J^J 

Si FUEL .264^ r ,/f. 

124-- *A '* I 









5.o «y 




30 

Appendix 17 
Per Cent of Maintenance and Depreciation to Total Income 



Year Ended 


Total Income 


Maintenance 
and Depreciation 


Per Cent 


December 31, 1930 

December 31, 1928 

December 31, 1927 

December 31, 1926 

December 31, 1925 

December 31, 1924 

December 31, 1922 

December 31, 1921 

December 31, 1920 


$32,510,721.17 
34,096,623.03 
34,843,147.51 
35,193,410.03 
35,481,313.38 
34,547,379.61 
34,175,372.73 
34,096,813.26 
32,699,176.37 
33,277,025.53 
34,031,636.44 
29,498,582.82 


$8,311,029.03 
8,284,093.66 
8,595,987.73 
8,639,138.59 
8,977,312.93 
8,381,452.23 
8,694,550.21 
7,977,110.77 
7,524,999.83 
7,777,505.22 
8,078,269.69 
8,650,266.57 


25.56 
24.29 
24.67 
24.55 
25.30 
24.26 
25.44 
23.40 
23.01 
23.37 
23.74 
29.32 



Total income includes, in addition to car fares collected, receipts from advertising privileges, news 
stands and station privileges, rentals and income from various miscellaneous sources. 



Appendix 18 
Comparative Power Statistics 





1930 


1929 


1928 


1927 


1926 


1925 


1924 


Tons of coal burned 


189,894 


201,235 


204,620 


209,815 


230,759 


217,414 


240,493 


Pounds of coal per 
kilowatt hour 


1.764 


1.826 


1.816 


1.932 


2.011 


1.973 


2.068 


Average price of 
coal per long ton 
(at boilers) 


$4.60 


$4.79 


$4.93 


$4.91 


$4.98 


$5.22 


$5,921 


Net cost of power 
for car service 
per kilowatt hour 
(cents) 


0.934 


0.921 


0.928 


0.987 


0.982 


1.021 


1.098 


Net cost of power 
per total revenue 
car mile (cents) 


4.303 


4.219 


4.134 


4.307 


4.401 


4.428 


4.833 


Direct current an- 
nual output(k.w.) 


241,729,260 


247,473,090 


252,346,905 


243,290,850 


257,045,625 


246,835,300 


260,401,225 



31 



Appendix 19 
Distribution of Tax Payments in 1930 



Arlington 

Belmont 

Boston 

Brookline 

Cambridge 

Chelsea 

Everett * 

Maiden 

Medford 

Milton 

Newton 

Quincy 

Somerville 

Stoneham 

Waltham 

Watertown 

Commonwealth of Massachusetts 
United States of America . 

Total Taxes Paid in 1930 . 



Real Estate 
and Personal 
Property Taxes 



$10,676.48 

180.13 

772,956.80 

7,062.51 

80,225.04 

1,362.24 

99,383.83 

4,151.62 

8,855.15 



380.80 



29,501.58 



4,961.20 



$1,019,697.38 



Excise 
Taxes 



$5.82 



21,339.30 

7.28 
84.38 



8.74 



997.70 



5.82 

19.22 

,654.26 

6.12 

8.74 

27.08 



$31,164.46 



Corporate 

Franchise 

Tax 



$3,260.25 

1,582.00 

105,932.65 

6,805.74 

17,345.98 

1,347.50 

6,471.49 

4,737.25 

5,547.49 

1,001.00 

904.75 



11,870.24 



4,098.50 
4,095.00 



$174,999.84 



Federal 

Income 

Tax 



$381,851.81 



$381,851.81 



Total 
Taxes Paid 



$13,942.56 

1,762.13 

900,228.75 

13,875.53 

97,655.40 

2,709.74 

105,864.06 

8,888.87 

15,400.34 

1,001.00 

1,291.37 

19.22 

50,026.08 

6.12 

8.74 

9,086.78 

4,095.00 

381,851.81 



$1,607,713.49 



32 

Appendix 20 
Outstanding Capital Stock December 31, 1930 



No. 

Shares 

Outstanding 



Par Value 

Shares 

Outstanding 



Net 
Premium 



Amount 
Realized 



Date of 
Approval by 
Commission 



Yearly- 
Dividend 



Dividends 
Payable 



First Preferred Stock 



64,000 



$6,400,000.00 



$6,400,000.00 



Nov. 11, 1887 



8% 
$512,000.00 



J Jan. 
I July 



Second Preferred Stock 



800 

4,640 

9,560 

40,000 

35,850 

4,542^ 

1,500 

4,200 

10,109 

13,900 

2,200 

2,800 

4,350 

5,847 



140,298^ 



8,464§ 



131,834* 



$80,000.00 

464,000.00 

956,000.00 

4,000,000.00 

3,585,000.00 

454,250.00 

150,000.00 

420,000.00 

1,010,900.00 

1,390,000.00 

220,000.00 

280,000.00 

435,000.00 

584,700.00 



$14,029,850.00 



846 r 400.00§ 



$13,183,450.00 



$786,934.15' 
360,720.87 
119,970.83 
290,506.25 
420,393.13 
710,385.37 
102,034.38 

90,534.38 
121,892.31 

16,039.50 



$3,019,411.17 
786,934.15' 



$2,232,477.02 



$2,232,477.02 



$80,000.00 

464,000.00 

956,000.00 

4,000,000.00 

4,371,934.15 

814,970.87 

269,970.83 

710,506.25 

1,431,293.13 

2,100,385.37 

322,034.38 

370,534.38 

556,892.31 

600,739.50 



$17,049,261.17 
786,934.15' 



$16,262,327.02 
855,387.24§ 



$15,406,939.78 



Sept. 

Sept. 

Jan. 

Aug. 

June 

"Mar. 

July 

Mar. 
Dec. 
Sept. 
Feb. 
Apr. 
Mar. 
Mar. 



7, 


18S7 


7, 


1887 


24, 


1889 


22, 


1889 


19, 


1891 


19, 


1903 


27, 


1904 


30, 


1907 


20, 


1907 


15, 


1910 


13, 


1913 


14, 


1914 


9, 


1915 


24, 


1917 



7% 
$922,841.50 



f Apr. 
I Oct. 



Preferred Stock 



30,000 



$3,000,000.00 



$3,000,000.00 



f Chap. 159— 



Spec. Acts 1918 $210,000.00 I July 1 



7% [ Jan. 1 



Common Stock 



5,000 
95,000 
33,000 
66,500 
39,294 



238,794 



$500,000.00 
9,500,000.00 
3,300,000.00 
6,650,000.00 
3,929,400.00 



$23,879,400.00 



$1,815,000.00 
695,958.13 
196,470.00 



$2,707,428.13 



$500,000.00 
9,500,000.00 
5,115,000.00 
7,345,958.13 
4,125,870.00 



$26,586,828.13 



July 26, 1897 

July 6, 1900 

Aug. 22, 1902 

18, 1908 

6, 1912 



Dec. 
Dec. 



6% 
$1,432,764.00 



Jan. 1 
Apr. 1 
July 1 
Oct. 1 



♦Credited to Surplus by W. E. St. Ry. Co. prior to 1898. 

§Shares Second Preferred Stock retired from income of Special Trust Fund since June 10, 1922, and 
amount expended therefor. 



33 



Appendix 2 1 



Outstanding Funded Debt December 31, 1930 



Par 

Value 


Rate 


Maturity 


Net Pre- 
mium or 
Discount 


Amount 
Realized 


Date of 

Approval by 
Commission 


Yearly 
Interest 


Co. 


$3,000,000 


6 


% 


June 


1, 


1933 


*$180,000.00 


$2,820,000.00 


May 10, 1923 


$180,000 


B. E. 


2,098,000 


6 


% 


Mar. 


1, 


1934 


24,315.82 


2,122,315.82 


Feb. 15, 1924 


125,880 


B. E. 


1,581,000 


5V 2 % 


Aug. 


1, 


1934 


*5,027.58 


1,575,972.42 


June 19, 1924 


86,955 


B. E. 


7,500,000 


4 


% 


May 


1, 


1935 


276,900.00 


7,776,900.00 


Apr. 7, 1905 


300,000 


B. E. 


1,000,000 


4 


% 


May 


1, 


1935 


*55,000.00 


945,000.00 


June 15, 1907 


40,000 


B. E. 


tl.926,000 


5 


% 


Feb. 


1, 


1937 


*23,131.26 


1,902,868.74 


Mar. 2, 1925 


96,300 


B. E. 


12,700,000 


5 


% 


Feb. 


1, 


1937 


•32,427.00 


2,667,573.00 


Dec. 9, 1926 


135,000 


B. E. 


$1,885,000 


5 


% 


Feb. 


1, 


1937 


•7,426.90 


1,877,573.10 


Dec. 9, 1926 


94^250 


B. E. 


4,800,000 


M 


4t% 


Oct. 


1, 


1937 


•29,585.04 


4,770,414.96 


June 15, 1907 


216,000 


B. E. 


tl,200,000 


5 


% 


July 


1, 


1940 


•19,200.00 


1,180,800.00 


May 14, 1930 


60,000 


B. E. 


5,000,000 


4y 2 % 


Nov. 


1, 


1941 


•100,000.00 


4,900,000.00 


Oct. 17, 1911 


225,000 


B. E. 


4,000,000 


5 


% 


Dec. 


1, 


1942 


•80,000.00 


3,920,000.00 


Dec. 6, 1912 


200,000 


B. E. 


1,000,000 


5 


% 


Dec. 


1, 


1942 


•78,940.00 


921,060.00 


May 27, 1914 


50,000 


B. E. 


3,286,000 


5 


% 


Dec. 


1, 


1942 


•261,779.76 


3,024,220.24 


Nov. 9, 1915 


164,300 


B. E. 


$40,976,000 


•$571,301.72 


$40,404,698.28 


$1,973,685 




3,559,000 


4 


% 


Aug. 


1, 


1932 


72,568.01 


3,631,568.01 


Sept.18, 1902 


142,360 


W. E. 


700,000 


4 


% 


Aug. 


1, 


1932 


33,251.00 


733,251.00 


Dec. 1, 1903 


28,000 


W. E. 


750,000 


4 


% 


Aug. 


1, 


1932 


38,227.50 


788,227.50 


Sept. 1, 1904 


30,000 


W. E. 


200,000 


4 


% 


Aug. 


1, 


1932 


11,866.00 


211,866.00 


Feb. 11, 1905 


8,000 


W. E. 


500,000 


4 


% 


Aug. 


1, 


1932 


2,290.00 


502,290.00 


Dec. 12, 1906 


20,000 


W. E. 


600,000 


5 


% 


Nov. 


1, 


1932 


24,888.00 


624,888.00 


Feb. 13, 1913 


30,000 


W. E. 


815,000 


5 


% 


May 


1, 


1936 


5,786.50 


820,786.50 


Apr. 6, 1916 


40,750 


W. E. 


2,600,000 


5 


% 


Mar. 


1, 


1944 


112,832.07 


2,712,832.07 


(Feb. 4, 1914 
(Apr. 14, 1914 


130,000 


W. E. 


670,000 


7 


% 


Sept. 


1, 


1947 


399.00 


570,399.00 


JAug. 24, 1917 
(Sept. 4, 1917 


39,900 


W. E. 


$10,294,000 












$302,108.08 


$10,596,108.08 




469,010 




$51,270,000 


•$269,193.64 


$51,000,806.36 


$2,442,695 





* Discount. 

% Redeemable on any interest date after February 1, 1929 @ $101. 
t Redeemable on any interest date after February 1, 1932 @ $101. 



34 



Appendix 22 



History of the 1919 Loan Assessment on Cities and Towns 
Chapter 159, Special Acts 1918 



Cities and Towns 



Boston 

Cambridge 

Somerville 

Brookline 

Medford 

Maiden 

Everett 

Watertown 

Arlington 

Chelsea 

Newton 

Belmont 

*Commonwealth of Massachusetts . 
•{•Commonwealth of Massachusetts . 

Totals 



Original 
Assessment 



$2,863,042.50 

386,397.11 

167,090.75 

101,621.23 

81,449.82 

76,112.44 

74,727.35 

56,155.96 

44,267.25 

40,426.40 

37,079.09 

25,552.57 

26,229.20 



$3,980,151.67 



Total 

Repayments 



$1,885,488.30 

254,466.02 

110,038.43 

66,923.00 

53,640.18 

50,124.98 

49,211.36 

36,982.97 

29,153.14 

26,622.46 

24,419.26 

16,828.78 

26,229.20 

690.24 



$2,630,818.32 



Balance 
Due 



$977,554.20 
131,931.09 
57,052.32 
34,698.23 
27,809.64 
25,987.46 
25,515.99 
19,172.99 
15,114.11 
13,803.94 
12,659.83 
8,723.79 



$690.24 



$1,349,333.35 



Based on traffic counts made July 24, 25, 26, 27, 1919, in accordance with the provisions of Section 14, 
Chapter 159, Special Acts 1918. 

* Assessment of Quincy and Stoneham assumed by Commonwealth of Massachusetts. 

tExpense to Commonwealth of Massachusetts for financing Loan (to be assessed to cities and towns 
pro rata to their original contributions). 

REPAYMENTS 

July, 1922 $ 517,196.45 

July, 1923 1,114,557.82 

July, 1925 20,581.33 

July, 1926 22,304.46 

July, 1927 60,660.25 

July, 1928 895,518.01 

. Total Repayments $2,630,818.32 

t Credit. 



35 

Appendix 23 
RESERVE FUND 

Balance January 1, 1930 . . . . . . $539,534.91 



Excess of Receipts over Cost of Service 

January $195,210.33 

February 18,035.80 

March 178,957.43 

April ......... 54,282.43 

May . 45,824.02 

$492,310.01 

Excess of Cost of Service over Receipts 

June $113,749.60 

July 424,295.95 

August 531,494.84 

September 316,296.99 

October 35,278.21 

November 185,317.05 

December 20,516.18 

$1,626,948.82 
Excess for the Year of Cost of Service over Receipts .... $1,134,638.81 

$595,103.90 
Profit and Loss Items — Credit 81,904.68 

Balance December 31, 1930 (Deficit) $513,199.22 



36 

Appendix 24 

Statement of Special Trust Fund, December 31, 1930 
BOSTON ELEVATED RAILWAY COMPANY, Trustee 

Principal of Trust Fund as established $1,500,000.00 

Accretions and accumulations to December 31, 1930 .... 677,756.68 

Total Special Trust Fund Principal $2,177,756.68 

Income from June 10, 1922, to December 31, 1930 . . $860,952.04 
Less amount paid on account of retirement of 
Second Preferred Stock, as follows: 

718 y 2 shares purchased July, 1923 . . $72,193.40 

919 shares purchased July, 1924 . . 90,319.68 
1,116 shares purchased July, 1925 . . 111,685.37 
1,030 shares purchased July, 1926 . . 108,647.00 
1,020% shares purchased July, 1927 . . 107,437.45 

877% shares purchased July, 1928 . . 95,399.25 

622 shares purchased November, 1928 . 64,909.65 

380 shares purchased April, 1929 . . 38,958.93 

689 shares purchased October, 1929 . 62,688.00 

579 shares purchased May, 1930 . . 55,340.38 

512 V 2 shares purchased October, 1930 . 47,808.13 

855,387.24 

Balance of income not used 5,564.80 

Total $2,183,321.48 



Investments December 31, 1930 $2,176,180.50 

Cash on Deposit December 31, 1930 7,140.98 

Total $2,183,321.48 



E. L. Grimes, Printing Co., Boston "^^^^ 



Annual Report 



OF THE 



PUBLIC TRUSTEES OF THE BOSTON 
ELEVATED RAILWAY 



FOR THE 

Year Ended December 31, 1931 



Annual Report 



OF THE 



PUBLIC TRUSTEES OF THE BOSTON 
ELEVATED RAILWAY 



FOB THE 

Year Ended December 31, 1931 



BOARD OF TRUSTEES 

(Appointed by the Governor of Massachusetts pursuant to Chapter 159 

of the Special Acts of 1918) 

HENRY I. HARRIMAN, Chairman 
CHARLES H. COLE ERNEST A. JOHNSON 

GEORGE B. JOHNSON EDWARD E. WHITING 

OFFICERS 

(Appointed by the Trustees) 
EDWARD DANA General Manager 

HENRY L. WILSON Treasurer 

JOHN H. MORAN General Auditor 

H. WARE BARNUM General Counsel 

RUSSELL A. SEARS General Attorney 



REPORT OF THE BOARD OF PUBLIC TRUSTEES 

OF THE 

BOSTON ELEVATED RAILWAY 
TABLE OF CONTENTS 



Data of Operation . 
Development of Bus Operation 
Safety Efforts . 
Educational Program 
Advertising 
Extension of Public Operation 
Unemployment Relief 
Stabilization of Employment 
Pensions .... 
Employment of Citizens . 
Power Development 
Multiple Unit Door Operation 
Plant Development . 
Real Estate Changes 
Important Improvements 



Page 
5 
6 
7 
9 

10 
11 
13 
14 
14 
15 
15 
16 
16 
18 
18 



Appendixes 

1. Public Accountants' Certification 23 

2. General Balance Sheet 24 

3. Income Statement 28 

4. Operating Expense Accounts 30 

5. Road and Equipment Investment 32 

6. Investment in Road Owned and Leased by Boston 

Elevated Railway 33 

7. Investment, Passenger Revenue and Gross Income, 

1897 to 1931 34 



8. Capital Outstanding December 31, 1931 . 

9. Revenue Passengers Carried — 1897 to 1931 . 

10. Revenue Mileage 

11. Comparative Division of Receipts and Expenditures 

12. Traffic Statistics 

13. Comparative Passenger Statistics — Revenue Passengers 

Carried 

14. Yearly Average of Revenue Passengers, Weekly Pay 

Dollars and Number of Employees (Graph) 

15. Allocation of Cost of Service per passenger (Graph) 

16. Per Cent of Maintenance and Depreciation to Total 

Income 

17. Comparative Power Statistics 

18. Distribution of Tax Payments in 1931 . 

19. Passenger Cars and Buses Owned .... 



35 
36 
38 
40 
41 

41 

42 
43 

44 

44 
45 
46 



REPORT OF THE BOARD OF PUBLIC 

TRUSTEES OF THE BOSTON 

ELEVATED RAILWAY 



THE public trustees of the Boston Elevated Railway respectfully 
submit their 13th annual report. 
Throughout the year just ended, the efforts of the management 
have been concentrated on operating the railway upon the most 
economical basis possible consistent with the utmost degree of safety 
to the riding public and with the requirements of the service. 
Operating expenses over which the trustees have control were re-i 
|duced $1,277,226 during the year. These operating expenses were! 
lower for 1931 than for any year since 1922 and were $3,825,520 
less than in 1926, which was the year of greatest passenger revenue 
for the railway. 

Despite this reduction in operating expenses, the results of 
operation for the year show an excess of cost of service over receipts 
of $1,904,945 due to the decline in riding. This decline resulted in 
a decrease in gross revenue of $2,655,614 as compared to the previous 
year. This year's revenue represents a loss of $5,626,206 from the I 
high point in annual revenue, namely, $35,481,313 in 1926, and is ' 
lower than for any year since 1919. 

The loss in riding on this railway during 1931 was less than the 
average loss in riding for companies operating in the principal cities 
of the United States. The nationwide decline in the number of 
passengers carried by transportation companies is due, of course, to 
the severe economic depression with its consequent reduction in the 
number of men employed and the shortened work-week, as well 
as to continuing automobile competition. 

The table below shows the percentage of loss in the number of 
revenue passengers carried by electric railways during the year 1931 
as compared with 1930 in various cities : 



Baltimore 


14.50% 


Newark 


8.99% 


Boston 


5.23 


New York 


3.65 


Chicago 


11.18 


Philadelphia 


11.45 


Cleveland 


16.52 


Pittsburgh 


14.81 


Detroit 


20.37 


St. Louis 


15.14 


Indianapolis 


14.36 


Washington 


11.07 



Average of 12 cities — 8.43% 

It is to be noticed that New York was the only city where the 
decline in riding was less than that in Boston. 

The reduction from six and one-quarter cents to five cents in j 
the local fare rate, effective September 1, 1930, decreased the aver- I 
age fare to 8.866 cents for the current year. In a time of depression 
such as the present, the change in the local fare rate has undoubtedly 
tended to maintain the level of riding and increase the usefulness 
of the system to the public. The elimination of transfers at the 
local fare rate and the shortening of some of the local fare lines has 
helped to prevent a further loss in revenue. 



On January 1, 1932 the carpenters employed on the railway 
voluntarily accepted a reduction in pay of 20 cents per hour, in line 
with the reduction which was agreed upon by the Carpenters' Dis- 
trict Council of Boston and Vicinity. 

The trustees have suggested to the Boston Carmen's Union the 
desirability of a voluntary reduction of ten per cent, in wages for 
the year 1932. The trustees cannot require such action because the 
agreement now in effect runs until July 1, 1932. Thus far the em- 
ployees have not accepted such a reduction. 

On April 1 of this year two surface line divisions were consoli- 
dated into a single division with headquarters at Bartlett and Wash- 
ington streets, Roxbury. At present the operating organization 
consists of two surface divisions and one rapid transit division. This 
consolidation was made in the interest of efficiency and economy. 



Development of Bus Operation 

The use of the bus as a part of the local transportation system 
continued to increase during 1931. The bus is a particularly valu- 
able vehicle as a feeder to rapid transit lines. Moreover, the bus 
may be used to advantage in serving a district where the riding is 
light, either in new territory or where the riding has decreased to a 
point where reconstruction of track would be uneconomic. During 
1931 there was added a net of more than 67 round trip bus route 
miles. The bus equipment of the railway ranks high. Of the 378 
buses owned by the railway at the end of this year, 180 were of 
the modern metropolitan type, of which 44 were purchased during 
1931. 

Under existing legislation, the substitution of bus service for 
street car service and the introduction of new bus lines is a very 
cumbersome and time-consuming procedure. 

In some instances months of delay ensue from the time a plan 
is initiated until it can be placed in effect. Meanwhile the riding 
public is deprived of facilities. . 

In order to operate a bus route through several cities, the pres- 
ent procedure requires the procurement of a license from each city 
and town through which the proposed route is to operate and the 
procurement of a certificate of public convenience and necessity 
from the State Department of Public Utilities, and if buses of the 
modern type, which exceed twenty-eight feet in length, are to be 
used, the approval of the entire route by the State Department of 
Public Works. 

Examination of records of all bus route licenses discloses the 
fact that the average length of time from date of application to 
date of operation has been more than 100 days. It would seem that 
where lines involve more than one community complete licensing 
authority might well be placed with the Department of Public 
Utilities. In such case, one hearing, at which all communities might 



I 



be heard, would take the place of many, and one community would 
be prevented from blocking service desired by others, if a proposed 
route is in the interest of the district as a whole. 



Safety Efforts 

The safety of the riders on the railway and of its employees 
has continued as one of the major considerations of the management 
and of the men. The work of reducing and preventing accidents 
has met with such conspicuous success that in 1931 the railway 
again won national recognition through the award of the Anthony 
N. Brady Memorial Medal for the best accident record of any rail- I 
way in the United States and Canada for the year ending December ■ 
31, 1930. The record of the railway for safety has merited three 
such awards, one for 1914, another for 1928, and, the latest, for 1930. 
No other railway operating in a large city has won the Brady medal 
three times. 

Perhaps there is no more significant way of expressing the rail- 
way's success in accident reduction than to state that during the . 
. three years ending December 31 last, 1,021,698,000 passengers were 
carried on the system and 166,300,000 miles operated without a 
single death from accident to passengers in a train, car or bus. 

The reduction in accidents on the railway is the result of « 
co-ordinated action on the part of the management and the em- 
ployees, and follows a wide scale modernization of equipment and 
improvement in track construction. 

The safety plan which has been put in effect, involving as it 
does the control of practices in trains, cars and buses and in the 
shops and yards, is an integral part of the functioning of the rail- 
way. Safety here is not merely a word : it is a consideration which 
enters actively into every phase of railway operations. As an 
example of how the effort to develop safety practices has been woven 
into the work of transportation, the close supervision of street opera- 
tions may be cited. Individual operators, especially those who have 
had more than the average number of accidents, are studied with 
a view to detecting and correcting faulty operation, arising from 
whatever cause. Observation of car and bus operators is carried 
on by specially trained inspectors on the street. These inspectors 
are familiar with the danger spots in their respective districts. It 
is their task to endeavor to prevent accidents in these districts. 

The health of transportation employees is closely related to 
safe and efficient operation. For more than 30 years all men enter- 
ing the transportation service have been given a careful physical 
examination. Since 1928 all transportation employees 40 years of 
age and older have been given an annual physical examination. 
Rapid transit motormen are examined every year regardless of age. 

The total number of all physical examinations during the past, 
four calendar years was as follows : 



1928 — 2,238 

1929 — 2,516 

1930 — 2,746 

1931 — 2,730 

As a whole, Elevated employees have been found to be in rela- 
tively good physical condition. They are interested in the examina- 
tions and as a result are taking better care of their health. This 
subject of physical examinations is cited to show the efforts made to 
safeguard the riding public. 

The reduction in the total number of reported collisions of cars 
with cars, vehicles, or persons, whether serious or slight, is shown in 
the table below: 

1926 — 8,725 

1927 — 7,016 

1928 — 5,746 

1929 — 4,885 

1930 — 4,116 

1931 — 3,741 

Comparing the first of these years with the year just ended, the 
total reduction has been 57 per cent., a remarkable reduction espe- 
cially in view of the large increase in street traffic congestion. 
Despite the large reductions secured in the years prior to the one 
just passed, the reduction in 1931 compared to the previous year 
was more than nine per cent. Upon a mileage basis, the reduction 
in such collisions has been from 224 per million car miles in 1926 
to 124 in 1931. Upon a mileage basis, the number of bus collisions 
has shown a very satisfactory reduction, from 295 per million bus 
miles in 1926 to 139 in 1931. 

Accidents to employes, which have been given the same serious 
attention as accidents to the public, have shown a considerable 
reduction. Below is a table showing the reduction in the number 
of accidents to employees from 1926 to 1931, inclusive: 

1926 — 1,465 

1927 — 1,414 

1928 — 1,121 

1929 — 921 
♦ 1930— 852 

1931 — 835 

A reflection of the results of reducing accidents is to be found 
in the decrease in the number of derailments, delays and trolley 
breaks. All may be either causes or effects of accidents. 

Derailments of cars in service have been reduced from 328 in 
1926 to 97 in 1931. The reduction in 1931 compared to 1930 was 
48, a reduction of one-third. Trolley breaks have been reduced 
from 217 in 1926 to 118 in 1931. Delays of 20 minutes or longer 
have been reduced from 845 in 1926 to 351 in 1931, a reduction of 
almost 60 per cent. This figure for delays includes those over 
which the railway has no control and those for which the railway 
is responsible. The reduction in 1931 compared to 1930 was from 
367 to 351. 



The marked reduction in accidents from 1926 to 1931 has 
saved human suffering and conserved resources and has contributed 
to the efficient operation of the railway. The past year, like its four 
predecessors, has shown notable progress. 

Educational Program 

On November 1, 1931, the railway began its tenth annual edu- 
cational program with an enrollment substantially larger than that 
of the preceding year. This educational program is provided by 
the management to encourage employees to improve their ability to 
perform their own jobs ; and to broaden their general knowledge of 
the railway, of the communities served and of affairs in general. 

During the present season eleven classroom courses and three 
correspondence courses are being conducted. More than 500 
employees are attending meetings regularly and as many more are 
gaining benefit from occasional attendance. We are also cooperat- 
ing with the Edison Company and the Division of University Ex- 
tension of the Massachusetts Department of Education in connec- 
tion with several courses. 

The outstanding course primarily for transportation employees 
is entitled "Maintaining the Service." It covers the duties of the 
supervisory force and has been attended by more than 200 men. 
There is also a smaller group studying traffic analysis and equip- 
ment. 

At the Everett and Albany street shops are five groups studying 
blueprint reading, a knowledge of which is highly desirable in shop 
work. There is also, at Albany street, a large group receiving in- 
struction in shop practices. In addition, a large group of shop men 
meet monthly to learn from experts about the latest developments 
in rolling-stock practices. 

A course on heat-treating of metals is also being conducted at 
the Massachusetts Institute of Technology. Groups are also being 
taught the principles of the slide rule, a useful instrument to all 
who have calculations to make. In addition, foreman conferences 
are being attended by men who wish to learn more about the busi- 
ness of the railway. 

The program provides three correspondence courses, covering 
the electric car, the motor bus and power. These are practical 
courses relating to the Boston Elevated practices and have attracted 
more than 900 registrants. About 500 certificates for completion 
of one of these courses have already been awarded. 

The general manager conducts monthly "Forum" meetings, 
which are largely attended and are addressed by outstanding leaders 
in several fields. 

Mention should also be made of the Boston Elevated Railway 
Supervisors' Association, not officially a part of the educational pro- 
gram, but an outgrowth of it. This strong and helpful association 



10 

of about 500 men in supervisory positions, now in its fifth year, 
meets monthly from October to April. 

A monthly bulletin, "Co-operation," is mailed to all employees. 
It contains up-to-date information about the railway. 

The purpose of the educational program is practical and is 
designed to be helpful to the employee and the railway. It is 
administered in such a way as to benefit by the willing co-operation 
of leaders in the community and in the industry, as well as local 
educational institutions. With "these institutions it does not com- 
pete ; it does not duplicate their efforts. 

The Boston Elevated Railway is one of a considerable number 
of street railways in this country which are meeting the need 
for adult education on the job. 

Advertising 

Faced this year with an extraordinary decline in riding, caused 
chiefly by reason of the economic depression and in part the con- 
tinuing competition from the private and public automobile, the 
management has endeavored to overcome the effects of this compe- 
tition and to maintain the use of the railway system. 

By 1927 the effect of the competition of the automobile upon 
riding on the railway began to make itself seriously felt. From the 
first the decline was most pronounced during the summer months 
and on Sundays and holidays, the times when the automobile is 
used to a greater extent for pleasure riding. During the summers 
of 1927 and 1928, the railway sought to increase riding by means 
of newspaper advertisements designed to present the economy and 
ease of reaching nearby points of historical interest and of recrea- 
tional value via the "EL." 

Although continuing in a measure this type of advertising, the 
railway, during the last three years, has laid particular stress on the 
advisability of using the automobile to reach stations along the rapid 
transit lines, then parking the automobile in a nearby garage or 
parking area and proceeding for the rest of the way into the centre 
of the city via the railway. The merchandising of such an idea is 
sound because of traffic delays to motorists in reaching and driving 
within the centre of the city, the difficulty of finding convenient park- 
ing space in the city, the danger of violating the parking regulations, 
the inadvisability of using valuable street space for parking purposes 
and the speed, safety, convenience and economy of the rapid transit 
service. The advertising slogan used to promote this idea is "Park 
Where the <EL' Begins." 

Sales advertising in various mediums has also been used this 
year, as in the past three years, to promote the use of the railway 
to reach places where special events are being held, such as foot- 
ball games at the Harvard Stadium and Fenway Park, and contests 
of one sort or another at the Boston Garden. Prior to the Christmas 



11 

shopping season, newspaper advertisements pointed out the ease 
and convenience of reaching the shopping centres via the system. 
A short series of advertisements designed to publicize the advan- 
tages of using the railway system during the winter months has just 
been completed. 

In various ways and by the expenditure of only a small amount, 
the management has endeavored to keep the railway system actively 
in the public mind as an efficient and desirable mode of transporta- 
tion and has sought to point out its undoubted merits as a means of 
going to and from the congested parts of the city, advocating its 
use in the field where it presents real advantages. 

Thousands of "EL" passengers use automobiles only for a part 
of their trip in town and use the railway lines from terminal points 
for the ride through the congested areas. Moreover, it is undoubt- 
edly true that many automobile owners, although they may not be 
regular riders on the "EL" system, use it with some degree of 
frequency. 



Extension of Public Operation 

The legislature by Chapter 333 of the acts of 1931 extended the 
lefinite terms of public management and operation of the railway 
for a period of 28 years. The act required the retirement of all 
the preferred stocks of the company at certain fixed prices and 
provided funds for this purpose by the purchase by the Metropoli- 
tan Transit District of 6% bonds of the company. It reduced the 
dividend on the common stock from 6% to 5% from the date the 
act took effect. 

At the time this bill was under consideration, it was apparent 
that owing to the business depression there would be a substantial 
deficit for the year ending June 30, 1931. Under the requirements 
of the original public control act this would have entailed an 
assessment upon the cities and towns in the district and an increase 
in fares. Section 22 of the new act provided for the suspension of 
these provisions for 1931 and it was provided in Section 24 that 
the act as a whole should not take effect unless Section 22 should be 
accepted by the Board of Directors before June 30. 

The Board of Directors, at a meeting held May 21, 1931, 
accepted Section 22 and certificate of such acceptance was filed by 
the clerk of the company with the state secretary on May 29. 

The act was also conditional upon acceptance by vote of the 
holders of not less than a majority in amount of the entire capital 
stock as well as of the holders of not less than a majority in amount 
of all the classes of preferred stocks combined, at a stockholders' 
meeting especially called for the purpose of determining whether 
or not the company would accept the act, such meeting to be held 
within sixty days after the passage of the act. It was also condi- 
tional upon the filing with the state secretary of a certificate evidenc- 
ing such acceptance. 



12 

Such a meeting was duly called and held on June 30, 1931, 
and the act was accepted by a vote slightly in excess of 85 per cent, 
of each class of stock both common and preferred. Certificate evi- 
dencing the acceptance was filed by the clerk of the company with 
the state secretary on July 1, 1931. 

July 1, 1931, accordingly, is the date on which Chapter 333 of 
the Acts of 1931 took effect. On that date under the terms of the 
act dividends upon the preferred stocks ceased and from and after 
that date the dividend on the common stock was reduced from 6% 

to 5%. 

On July 2, notice was given to each and every holder of each 
class of preferred stock by registered mail and by publication as 
required by the act. 

The total amount of money required to retire the preferred 
stocks under the terms of the bill, exclusive of accrued dividends 
which had been included in the cost of service of the preceding 
trustee year and interest at the rate of 5% on the principal sums 
payable to the preferred stockholders from July 1 to the date fixed 
for retirement of their stock, was $23,430,917. 

On July 1 the trustees, proceeding under the terms of the act, 
authorized the issuance of $21,000,000 face value of 6% bonds of 
the company and requested the trustees of the Metropolitan Transit 
District to purchase the same. 

The trustees of the Metropolitan Transit District after careful 
consideration determined that, inasmuch as the Commissioner of 
Corporations and Taxation had ruled that bonds of the district 
would be in effect taxable if held by savings banks although made 
generally exempt from all taxation levied under authority of the 
state, it was inadvisable to issue long-term bonds until there was 
an opportunity for the legislature to remove this inconsistency from 
the district act. The trustees of the district therefore determined 
temporarily to issue short-term notes of the district and in pur- 
suance of that policy requested bids for 8-months' notes which were 
opened on August 10, 1931. These notes were issued dated August 
14, 1931, payable April 14, 1932, bearing interest at the rate of 
2^4% per annum. Owing to the favorable condition of the money 
market at that time, they were able to sell these notes with that 
low rate of interest at par plus a premium payment to the district 
of $2,500. The notes were delivered on August 14 to the bankers 
purchasing them and the district received the purchase price. The 
company thereupon delivered to the district its bond for $21,000,000 
payable August 14, 1971, bearing interest at the rate of 6% per 
annum payable semi-annually on the fourteenth days of February 
and August in each year. 

On the same day, immediately after this transaction was com- 
pleted, the board of trustees met and fixed August 18, 1931 as the 
date upon which stockholders should present their stock certificates 
for surrender and cancellation as provided in the act and notice to 



\ 



13 

each holder of each class of preferred stock of this fact was mailed 
on the same day and was published in several issues of leading news- 
papers. 

Stock was presented for surrender so promptly that $2,000,000 
additional bonds were sold on September 14, 1931, the district being 
still able to sell its short-term notes maturing on April 14, on the 
same interest basis of 2^4%. 

On October 22 the trustees of the district were requested to 
purchase the further amount of $430,917 bonds. 

At the present time all but about 1500 shares of a total of 
225,283^/2 shares of the preferred stocks have been redeemed and 
cancelled. 

The act also provided (Section 23) that when all the second 
preferred stock had been retired, the special trust fund created by 
St. 1911, Ch. 740 to provide for the retirement of this stock should 
be used to the extent necessary to repay to the Commonwealth the 
balance of the amounts which had been assessed upon cities and 
towns served on account of the 1919 deficit in operation. 

When the $21,000,000 payment for bonds was received from 
the district on August 14, the total amount required to retire all 
the "assenting" second preferred stock under the terms of the act 
was specially deposited with the Old Colony Trust Company for the 
retirement of that stock. In the opinion of counsel the second pre- 
ferred stock was to be considered as retired within the meaning of 
the act, at the time when this deposit was made. 

On August 19, check for $1,409,253.35 payable to the Common- 
wealth was delivered to the state treasurer and this amount has 
since been distributed to the various cities and towns. This pay- 
ment included not only the balance of the amount paid to the com- 
pany but all interest and other charges which had been assessed 
upon the cities and towns on account of operation under the public 
control act. It may be of interest to record that the bonds sold 
from this special trust fund to provide for this payment showed a 
net profit above cost amounting to $42,340.85. 

For constitutional reasons the act gave to any holder of pre- 
ferred stocks *who did not vote in favor of acceptance of the act 
the right to have his stock valued in court proceedings provided he 
presented his stock to be stamped "non-assenting" within six months 
after the act took effect. The period of limitation expired on Janu- 
ary 2, 1932. No stock was presented for stamping and consequently 
all stockholders may now be considered as assenting and bound to 
accept the terms set forth in the act. 

Unemployment Relief 

More than 91 per cent, of the officials and employees of the 
railway voluntarily agreed to contribute one per cent, of their earn- 
ings for eight weeks ending January 22, 1932 to a fund for the relief 
of laid off employees. 



14 

The fund is being administered by a committee of five con- 
sisting of : General Charles H. Cole, trustee ; Edward Dana, execu- 
tive vice president and general manager; John H. Moran, general 
auditor; John J. Keyes, representing the rapid transit lines; and 
Edward H. Moore, representing the surface lines. 

The contributions to this fund will amount to more than $21,000. 
Up to December 31, there had been distributed the sum of $3,825 to 
177 employees. Men with families were given especial consideration 
and varying sums were given according to the number of dependent 
children. 

Stabilization of Employment 

Efforts are made to preserve regularity of employment upon 
the railway in so far as is consistent with efficient and economical 
operations. It is interesting to note the situation with regard to the 
stabilization of employment during the year 1931 as compared, for 
instance, with 1920. 

In 1920 the high number on the weekly payroll for any one 
week in the year was 10,055 employees, the low 8,903, and the 
average for the year was 9,729. The fluctuation from high to low, 
therefore, was 1,152, or 11.4%. 

In 1931 the high was 7,770, the low 7,542, and the average for 
the year was 7,654, or a fluctuation from high to low of 228, or 2.9%. 

Pensions 

The pension plan has been in effect on the railway since 
February 1, 1920. During 1931 the number of employees on the 
pension roll increased from 497 to 515 and the total payments for 
the year increased from $274,313 to $302,752. The average pension 
for 1931 was $48.70 per month. 

Because of the financial situation the trustees decided that no 
pensions should be granted to employees who have served less than 
twenty years and they reduced the maximum pension payment to 
$960 per year. 

Under the present pension plan all employees of the railway 
engaged in any capacity are eligible to a pension in accordance 
with the following classifications: 

Class A. Employees whose age is 65 or more (women, 60 or 
more) and whose term of employment has been 20 years or more. 

Class B. Employees whose age is 60 to 64 years (women, 55 
to 59) and whose term of employment has been 25 years or more. 

Class C. Employees whose age is less than 60 (women, less 
than 55), and whose term of employment has been 30 years or more. 

Under the plan the annual amount of the pension equals one 
per cent, of the average yearly earnings for the ten years prior to 
retirement, times the number of years continuously employed, with 
a maximum of $960 and a minimum of $375 per year. 



15 

Employment of Citizens 

The policy of the board of public trustees is to engage only 
citizens for permanent employment. 

This policy has been established notwithstanding an opinion 
of the Attorney General rendered in 1925 that the statutory pro- 
visions requiring preference to citizens in the public service are not 
applicable to the railway. 

That the policy of the trustees is being carried out is attested 
by the fact that of the 7,588 employees actually working for the 
railway .on December 31, 1931, the great majority, or 7,281, are 
citizens and only 26 have not on file applications for naturalization. 
Most of these 26 employees have taken the initial step toward filing 
applications for first papers or are endeavoring to acquire sufficient 
knowledge to pass the educational requirements for citizenship. 
All but four of these 26 employees were engaged prior to 1920. 

Power Development 

Following studies by consulting engineers and after careful 
consideration of all means of meeting the present and future. power 
requirements of the railway, the board of trustees authorized the 
expenditure of $2,100,000 to carry out the following development 
of the power generating and distribution system. 

This development provided for the installation in Lincoln power 
station of a new 35,000 K.W. surface condensing type turbo-genera- 
tor ; of four modern type high pressure boilers of sufficient capacity 
to operate the new turbo unit at full load; of the necessary me- 
chanical and electrical auxiliary equipment ; for the re-arrangement 
of the 25,000 K.W. turbo-generator already installed at this loca- 
tion for operation at the higher steam pressure to be provided by 
the new boilers; for the construction and equipping of an addi- 
tional automatically operated and controlled converting substation 
of 6,000 K.W. capacity in the vicinity of the North Station and 
for necessary A. C. transmission and D. C. distribution cables. 

With the completion of this power development program, direct 
current generation of power by the railway will be entirely aban- / 
\doned and the Central and Charlestown power stations discon- I 
jtinued. The power system will then consist of two alternating 
current generating power stations with a total rated capacity of 
180,000 K.W. A.C. (of which 120,000 K.W. will be installed in 
South Boston power station and 60,000 K.W. in Lincoln power 
station), 12 manual and eight automatically operated substations for 
converting the 13,200 volt alternating current as generated to 600 
volt direct current for car operation. 

\The installation of the new equipment will provide adequate 
generating capacity for the maximum peak hour to be expected for 
several years unless some unusual development of rapid transit 
facilities is undertaken, or the railway's service is extended to terri- 
tory other than that now served. 






16 

At the end of the year all phases of the new construction work 
were well advanced. The new turbo-generator and two of the new 
boilers will be in service shortly. 

The work was commenced on June 11, 1931, and the number 
of men employed has varied from 73 in June to 295 in December. 

Multiple Unit Door Operation 

After careful study of the system of door operation on rapid 
transit trains in New York, Brooklyn and Philadelphia, the trustees 
authorized the installation of similar equipment on trains operated 
in the East Boston tunnel and also on the Cambridge subway- 
Dorchester rapid transit line. With this apparatus all doors of a 
four-car train are being operated by one guard. The installation is 
in line with the effort of the trustees to furnish service-at-cost by 
making use of devices and practices which lend themselves to good 
and efficient operation and are consistent with the safety of passen- 
gers. Inasmuch as all doors of a train are open for the same period 
of time, there is a more even distribution of passengers in the cars. 

The following additional safety features have been adopted in 
connection with the new system of door operation: 

A three-inch rubber bumper has been installed on the edge of 
each door and on each door post, which furnishes cushions of rubber 
of a total width of six inches — sufficiently flexible so that if the 
door is closed upon a hand, arm or foot it can be pulled out without 
opening the door. 

A red light has been installed over the center door on either 
side of each car. This light, which can be seen from the guard's 
position, remains lighted as long as any door in a car is open, and 
goes out when all doors in a car are completely closed. 

The pressure which operates the car doors has been reduced 
from a previous minimum of 70 pounds to a present maximum of 
30 pounds. This materially lessens the possibility and seriousness 
of injury to persons who attempt to enter a car after the door starts 
to close and who may be struck by the door. 

The installation of the new equipment has enabled the railway 
to operate additional service without increased cost. For example, 
in the case of the Cambridge subway in normal hours during the 
daytime three-car trains are being operated instead of two-car 
trains, without additional wage cost. This is a very real improve- 
ment in the service. 

Plant Development 
Bartlett Street Garage 

A new bus garage, located on Washington street, near Guild 
street, Roxbury, was opened on January 3, 1931. It has a capacity 
of 56 large type buses and relieves the pressure upon the Allston, 



17 

Arborway and Somerville bus garages. The cost of the building 
was $199,000. 

The following features of the new garage may be of interest : 

The floor area of over 20,000 square feet in the main building, 
or more than a half-acre, is free from columns and other obstruc- 
tions. The roof is carried on deep, fire-proofed trusses 118 feet 
long. 

A dropped-floor repair area permits the under parts of seven 
buses to be repaired at once. 

A two-story side building, 40 feet by 50 feet in size, contains 
(on the first floor) stockroom, battery-charging equipment, oil 
room, foreman's office, starter's office and switch-room; (on the 
second floor) bus operators' lobby, receiver's office, lobby and wash- 
room for garage mechanics, etc. 

The building is fireproof, with foundations and floors of con- 
crete, steel frame, brick walls and a pre-cast gypsum-slab roof, 
three inches thick and covered with five-ply tar and gravel. 

All of the details are arranged to facilitate operation and repair 
and to minimize fire and accident hazard. 

Fellsway Garage Addition 

On December 10 an addition to the Fellsway Garage was 
opened for use. This provided space for 26 additional buses, giv- 
ing a total capacity of 78 buses. The garage addition has the 
standard features of the latest garages of the railway and is of fire- 
proof construction throughout. It has a concrete foundation and 
floor, steel frame and brick walls, with pre-cast concrete roof-slabs. 

Bus Terminal at Everett 

A new bus terminal was constructed at the Everett station of 
the main line elevated for the convenience of persons traveling 
to and from Lowell, Lawrence, Haverhill and adjacent points on 
the buses of the Eastern Massachusetts Street Railway. It was 
opened for service on October 3. It includes a waiting-room with 
toilet facilities, and has a shelter roof of wooden canopy type 
covering an area of more than 1,000 square feet. The busway, 
which shunts off from Broadway, was constructed by the Eastern 
Massachusetts Street Railway, and provides room for three buses 
in operating positions and one lay-over bus. The bus terminal is 
adjacent to the station entrance from Broadway and facilitates 
passenger transfer at this point. 

Sullivan Square Bus Area 

During the year the lower level of the Sullivan square terminal 
was remodeled to facilitate the operation of buses and the transfer 
of passengers between the elevated trains and surface cars and buses. 



18 

Two bus loops were provided for the following bus routes: — West 
Medford-Sullivan square via Mystic avenue; Magoun square- 
Sullivan square via Pearl and Cross streets; and Central square, 
Cambridge-Sullivan square via Union square, Somerville. 

Real Estate Changes 

The old unused carhouse at Jamaica Plain and the stable at 
825 Shawmut avenue have been razed during the year. 

The railway purchased a garage on Bennett street, Cambridge, 
adjacent to the Bennett street carhouse, to provide additional space 
needed at that location. 

The Charlestown Gas property of 390,675 square feet, lying 
between large properties of the Boston Elevated on either side, was 
purchased at a low price compared to its valuation. This property 
will be of great value in future development and is being put to 
immediate use by consolidating on this property the quarters of 
the maintenance department now situated at Baldwin street, Cam- 
bridge, and Lenox street, Boston. This consolidation results in 
operating savings. 

Butler Street Station 

A new station, located at Butler street between the Cedar 
Grove and Milton stations, on the high speed trolley line between 
Ashmont and Mattapan, was opened for business on October 7. 

Removal of Adams Square Headhouse 

To improve visibility in Adams square, the headhouse of this 
subway station was removed by the Boston Transit Department 
during the latter half of 1931 and an entrance similar to the present 
entrance to the Scollay square station was built. The work was 
begun on July 30, and the station was reopened for business on De- 
cember 11. The old headhouse was 40 feet high, whereas the present 
structure is but nine feet high. The entrance and exit enclosures 
are of concrete with a polished granite facing and are partially 
covered with a concrete roof. 

Charles Station 

The contract for the new station on the Cambridge-Dorchester 
rapid transit line at the intersection of Charles and Cambridge 
streets was let on July 27, 1931. The Department of Public Utili- 
ties, which has charge of the construction, states that the station 
will be ready soon for opening. 

The station is located in the centre island of the new traffic 
circle constructed by the City of Boston. A sub-passageway 
extends across the traffic circle in a north-easterly and south- 
westerly direction. An exit from this sub-passageway leads to the 
surface in front of the station entrance. 



19 

The island is surrounded by an ornamental stone balustrade, 
inside of which will be a ring of trees. Walks will lead to the 
station entrance from several directions. 

The entrance building is an attractive two-story stone struc- 
ture with steel frame. Stone blocks, laid for ornamental effect, 
with grooves or rustications at the joints, extend about one-quarter 
of the height. Above this construction the walls are of plain blocks 
relieved with pilasters finished off with molded capstones. The 
axis of the building is practically in line with Charles street. As 
the north and south walls are the only ones. which will be in full 
view from the approaches, they were given special architectural 
treatment. In the center of each wall is an offset which breaks 
the flatness of the wall. In this is an opening nine by 19 feet in 
size, fitted with a casement window with stone trim. Above this 
is a large ornamental panel. 

On the lower floor of the station are fare-collecting devices, 
toilet rooms and other small rooms. Broad stairways in the center 
lead to the east-bound and west-bound elevated platforms. The 
inner walls are finished in buff brick and the metal partitions are 
painted in harmony therewith. 

At the elevated level, concrete platforms extend westward 
more than 300 feet and are 12 feet wide for a distance of 155 feet 
and nine feet wide for the remainder of the distance. 

Governor Square Extension 

When construction of the Governor square development by 
the Transit Department of the City of Boston was begun on July 
21, 1930, the work was expected to require three years. By pushing 
the program actively, the Transit Department has advanced the 
construction more than a half-year ahead of schedule. This 
development includes the half-mile subway extension out Beacon 
street to St. Mary's street, approved by the Transit Department 
on December 9, 1930, and by the Department of Public Utilities 
on January 8, 1931. It is an extension of the City-owned subway 
system. Upon completion it will be operated by the railway. 

As of December 15, 1931, the excavation work was 80 per cent, 
complete and the job as a whole 70 per cent, complete. It is expected 
that the whole improvement will be finished in 1932. 

Dorchester Rapid Transit 

The trustees believe that attention should again be called to a 
condition which is apparently retarding the expected growth in the 
use of the Dorchester rapid transit extension serving the Dorches- 
ter section of Boston. A rapid transit line costing a large sum of 
money is dependent upon density of population for maximum 
utility. 

The section served by the westerly end of the Cambridge- 



20 



Dorchester tunnel, namely, that serving Cambridge and vicinity, 
has grown rapidly by reason of the erection of many apartment 
buildings. In the Dorchester section of Boston, however, the zoning 
laws have prevented a similar growth. Unless these zoning laws 
are changed, the growth of riding on the Dorchester extension will 
be retarded. 



(Signed) 



HENRY I. HARRIMAN, Chairman 
EDWARD E. WHITING 
CHARLES H. COLE 
GEORGE B. JOHNSON 
ERNEST A. JOHNSON. 



February 1, 1932. 



APPENDIXES 



23 
Appendix 1 

Lybrand, Ross Bros. & Montgomery 
Boston, Massachusetts 

To the Trustees of 
Boston Elevated Railway, 
Boston, Massachusetts. 

We have made an examination of the accounts of the Public Trustees of 
Boston Elevated Railway for the year ended December 31, 1931. 

In our opinion, the current provision for depreciation of road and equip- 
ment for the year 1931 chargeable to cost of service and determined in accord- 
ance with the policy of accounting previously adopted by the trustees is fair 
and reasonable, but the amount of accrued depreciation appearing in the 
balance sheet is inadequate. 

We certify that the accompanying general balance sheet as at December 
31, 1931, subject to the comment in the preceding paragraph, and income state- 
ment for the twelve months ended December 31, 1931, in our opinion, set 
forth the financial position of Boston Elevated Railway at that date and the 
results of operations for the year then ended. 



(Signed) Lybrand, Ross Bros. & Montgomery. 



Boston, Massachusetts 
January 30, 1932. 



24 

Appendix 2 
General Balance Sheet 



Assets 



Dec. 31, 1931 



Dec. 31, 1930 



Dec. 31, 1922 



Investments 
Road and Equipment: 
Way and Structures 

Equipment 

Power 

General and Miscellaneous . 



Total Road and Equipment 

Miscellaneous Physical Property ..... 
Other Investments: 

Stocks 

Bonds 

Notes 

Advances, Road and Equipment: 

Eastern Massachusetts Street Railway Company 
Other Roads 



Total Other Investments 
Total Investments: . 



$61,415,790.99 

30,751,107.71 

18,471,952.71 

1,912,001.73 



$61,201,275.69 

30,868,226.32 

18,277,027.89 

1,908,376.86 



$112,550,853.14 
$762,533.79 

$2,501.00 
568,280.27 
277,036.00 

194,923.00 



$112,254,906.76 
$737,990.74 

$2,501.00 



43,600.00 



199,048.92 



$1,042,740.27 
$114,356,127.20 



$245,149.92 
$113,238,047.42 



58,335,275.74 
21,423,234.31 
15,690,017.53 

1,788,473.83 



$97,236,991.41 
$556,521.48 

$204,061.22 

125,600.00 

142,002.38 
102,851.11 



$574,514.71 

$98,368,027.60 



25 



General Balance Sheet — Continued 



Liabilities 



Stock 
Capital Stock: 

First Preferred Stock . 
Second Preferred Stock 
Preferred Stock 
Common Stock 



Total Capital Stock . 
Premium on Capital Stock: 
Second Preferred Stock 
Common Stock 



Total Premium on Capital Stock 
Total Stock 



Long Term Debt 

Funded Debt Unmatured: 
Miscellaneous Obligations: 
4% 30 yr. W. E. St. Ry. Co. Bonds, due Aug. 1, 1932 
5% 20 yr. W. E. St. Ry. Co. Bonds, due Nov. 1, 1932 
6% 10 yr. Boston Elev. Ry. Bonds, due June 1, 1933 
6% 10 yr. Boston Elev. Ry. Bonds, due Mar. 1, 1934 

H% 10 yr. Boston Elev. Ry. Bonds, due Aug. 1, 1934 
4% 30 yr. Boston Elev. Ry. Bonds, due May 1, 1935 
5% 20 yr. W. E. St. Ry. Co. Bonds, due May 1, 1936 
5% 10 yr. Boston Elev. Ry. Bonds, due Feb. 1, 1937 

4$% 30 yr. Boston Elev. Ry Bonds, due Oct. 1, 1937 
5% 10 yr. Boston Elev. Ry. Bonds, due July 1, 1940 

ii% 30 yr. Boston Elev. Ry. Bonds, due Nov. 1, 1941 
5% 30 yr. Boston Elev. Ry. Bonds, due Dec. 1, 1942 
5% 30 yr. W. E. St. Ry. Co., Bonds, due Mar 1, 1944 
7% 30 yr. W. E. St. Ry. Co. Bonds, due Sept. 1, 1947 
6% 40 yr. Boston Elev. Ry. Bonds, due Aug. 14, 1971 
6% 40 yr. Boston Elev. Ry. Bonds, due Sept. 14, 1971 

Bonds Maturing 1922 to 1930 

Total Bonds 

Mortgage Notes 

Total Funded Debt Unmatured .... 
Total Long-Term Debt 



Dec. 31, 1931 



$23,879,400.00 



$23,879,400.00 



2,707,428.13 



Dec. 31, 1930 



Dec. 31, 1922 



$6,400,000.00 

13,183,450.00 

3,000,000.00 

23,879,400.00 



$2,707,428.13 
$26,586,828.13 



5,709,000.00 

600,000.00 

3,000,000.00 

2,098,000.00 

1,581,000.00 

8,500,000.00 

815,000.00 

6,511,000.00 

4,800,000.00 

1,200,000.00 

5,000,000.00 

8,286,000.00 

2,600,000.00 

570,000.00 

21,000,000.00 

2,000,000.00 



$74,270,000.00 



$74,270,000.00 
$74,270,000.00 



$46,462,850.00 

2,232,477.02 
2,707,428.13 



$4,939,905.15 
$51,402,755.15 



5,709,000.00 

600,000.00 

3,000,000.00 

2,098,000.00 

1,581,000.00 

8,500,000.00 

815,000.00 

6,511,000.00 

4,800,000.00 

1,200,000.00 

5,000,000.00 

8,286,000.00 

2,600,000.00 

570,000.00 



$6,400,000.00 

14,029,850.00 

3,000,000.00 

23,879,400.00 



$47,309,250.00 

2,232,477.02 
2,707,428.13 



$4,939,905.15 
$52,249,155.15 



5,709,000.00 
600,000.00 



8,500,000.00 
815,000.00 



4,800,000.00 



$51,270,000.00 

125,000.00 



$51,395,000.00 
$51,395,000.00 



5,000,000.00 

8,286,000.00 

2,600,000.00 

570,000.00 



9,341,000.00 



$46,221,000.00 

125,000.00 



$46,346,000.00 
$46,346,000.00 



26 



General Balance Sheet — Continued 



Assets 


Dec. 81, 1931 


Dec. 31, 1930 


Dec. 31, 1922 


Current Assets 

Special Deposits: 

Interest, Dividends and Rents Unpaid .... 
Reserve Fund, Chap. 159, Spec. Acts 1918 . 


$1,178,403.2© 

$360,399.48 


$587,526.20 

$793,321.75 


$825,666,20 

$804,907.3? 
1,000,000.00 


Interest, Dividends and Rents Receivable .... 


$360,399.48 

$500.00 

218,436.73 

1,996,198.66 

7,095.91 

44,180.00 


$798,321.75 

$500.00 

207,359.10 

1,946,273.68 

5,889.04 

44,880.00 


$1,804,907.37 

$1.00 

165,870.47 

2,418,280.09 

50,555.56 

38,139.00 


Deferred Assets 


$3,805,213.98 

802,550.00 


$3,585,749.77 

2,980,306.68 


$5,303,419.69 

3,009,892.17 


Unadjusted Debits 
Rents and Insurance Premiums Paid in Advance . 

Other Unadjusted Debits: 

Cost of Service deficit for twelve months ended June 
30, 1919, as provided for by Commonwealth of 
Massachusetts, Chap. 159, Special Acts of 1918 


$802,550.00 

$72,183.00 
$290,971.27 

64,664.68 


$2,980,300.68 

$108,857.50 
840,192.24 

1,349,333.35 
21,821.08 


$3,009,892.17 

$62,701.94 
$260,251.68 

3,462,955.22 

553,975.80 




$64,664.68 

$427,818.95 

$119,391,710.13 


$1,371,154.43 

$1,820,204.17 

$121,624,308.04 


$4,016,931.02 

$4,339,884.64 

$111,021,224.10 









27 



General Balance Sheet — Concluded 



Liabilities 



Current Liabilities 

Loans and Notes Payable 

Audited Accounts and Wages Payable .... 
Matured Interest, Dividends and Rents Unpaid 
Accrued Interest, Dividends and Rents Payable: 

Accrued Interest on Funded Debt 

Accrued Rent of Leased Roads 

Accrued Rent of Subways, Tunnels & R. T. L. 

Accrued Interest on Loans and Notes Payable 

Total Accrued Interest, Dividends and Rents 

Payable 

Total Current Liabilities 

Deferred Liabilities 
Other Deferred Liabilities 

Total Deferred Liabilities 

Unadjusted Credits 

Tax Liability 

Premium on Funded Debt 

Injury and Damage Reserve 

Accrued Depreciation — Road and Equipment 
Other Unadjusted Credits: 

Outstanding Tickets and Checks 

Amount advanced by Commonwealth of Massa- 
chusetts under Chapter 159, Special Acts of 
1918, account deficit in Cost of Service for 12 

months ended June 30, 1919 

Unredeemed Preferred Stocks 

Other Unadjusted Credits 

Total Other Unadjusted Credits .... 
Total Unadjusted Credits . 

Corporate Surplus 
Profit and Loss 

Prior to July 1, 1918 

Year Ended June 30, 1931 

Since July 1, 1918 (Except Year Ended June 30, 1931) 
Arising out of Consolidation with West End St. 
Ry. Co., June 10, 1922 and Reorganization, 
July 1, 1931 

Total Corporate Surplus 

Total Liabilities 



Dec. 31, 1931 



$2,700,000.00 
$866,300.80 
$361,618.25 

$1,089,937.09 

5,998.06 

97,673.34 



$1,193,608.49 
$5,121,527.54 



16,655.18 



$16,655.18 



$465,112.29 

$89,117.54 

$1,284,013.1 1 

$14,017,226.57 

145,612.71 



Dec. 31, 1930 



$611,546.24 
$795,806.25 

$578,853.76 

236,708.40 

96,623.34 



$912,185.50 
$2,319,537.99 



18,242.69 



188,388.84 



$334,001.55 
$16,189,471.06 



*7,889.46 
'1,969,473.12 
% 372,928.22 



557,519.02 



*$2, 792, 771.78 
$119,391,710.13 



$18,242.69 



$610,778.55 

$112,125.14 

$1,474,675.07 

$13,667,480.08 

143,812.44 



1,349,333.35 
443.02 



Dec. 31, 1922 



$1,493,588.81 
$17,358,647.65 



*8,253.21 
f l, 513,199.22 



651,576.99 



*$869,875.44 
$121,624,308.04 



$1,800,000.00 

$1,082,533.97 

$806,112.87 

$516,001.66 

253,711.27 

87,543.30 

343.03 



$857,599.26 
$4,546,246.10 



38,751.14 



$38,751.14 



$844,531.22 

$370,548.58 

$906,601.92 

$2,058,493.73 

102,233.66 



3,462,955.22 



25,744.90 



$3,590,933.78 
$7,771,109.23 



^173,083. 65 
339,521.34 

*96,475.21 



$69,962.48 
$111,021,224.10 



* Debit. 



28 



Appendix 3 
Income Statement 



Operating Income 



Twelve 
Months Ended 
Dec. 31, 1931 



Twelve 

Months Ended 

Dec. 31, 1930 



Twelve 
Months Ended 
Dec. 31, 1920 



Passenger Car Revenue 

Passenger Motor Bus Revenue 

Special Car and Special Bus Revenue .... 

Mail Revenue 

Miscellaneous Transportation Revenue ... 

Total Revenue from Transportation 

Station and Car Privileges 

Rent of Tracks and Facilities 

Rent of Equipment 

Rent of Buildings and Other Property . 

Power 

Miscellaneous 

Total Revenue from Other Railway Operations 
Total Railway Operating Revenues 
Railway Operating Expenses: 

Way and Structures 

Equipment 

Power 

Conducting Transportation .... 

Traffic 

General and Miscellaneous 

Transportation for Investment 

Total Railway Operating Expenses 

Net Revenue, Railway Operations 

Taxes Assignable to Railway Operations . 
Operating Income 



$25,674,798.04 

3,101,446.89 

35,668.70 

175.00 

75.00 



$28,542,445.38 

2,811,302.53 

61,999.03 

175.00 

555.00 



$28,812,163.63 

$758,553.49 
41,418.77 
12,878.71 
68,548.18 
70,160.42 
3,995.30 



$31,416,476.94 

$767,692.82 
46,889.58 
2,841.55 
67,024.29 
71,120.08 
34,353.23 



$955,554.87 
$29,767,718.50 

3,259,282.64 

4,002,205.79 

2,092,201.37 

10,143,076.27 

22,744.49 
2,740,925.83 

79,688.14 



$989,921.55 
$32,406,398.49 

3,328,419.09 

4,226,793.58 

2,391,733.11 

10,735,974.89 

58,006.49 
2,792,207.94 

f5,160.42 



$22,250,748.25 
$7,516,970.25 
$1,504,784.86 
$6,012,185.39 



$23,527,974.68 
$8,878,423.81. 
$1,686,950.55 
$7,191,473.26 



$33, 096, 763. G9 

12,182.79 

737.10 

93,041.16 



$33,202,724.74 

$300,228.32 

39,059.11 

1,644.27 

100,499.45 

92,192.00 

14,514.61 



$548,137.76 
$33,750,862.50 

3,226,275.11 

4,033,850.42 

4,568,991.90 

11,524,823.18 

3,357.91 

2,411,823.59 



$25,769,122.11 
$7,981,740.39 
$1,142,987.28 
$6,838,758.11 



fCredit. 



29 



Income Statement — Concluded 





Twelve 
Months Ended 
Dec. 31, 1931 


Twelve 

Months Ended 

Dec. 31, 1930 


Twelve 

Months Ended 

Dec. 31, 1920 


Non-Operating Income 

Income from Unfunded Securities and Accounts 
Income from Sinking Fund and Other Reserves 
Release of Premiums on Funded Debt .... 


1,332.00 

11,134.76 

51,424.49 

23,007.60 

489.95 


3,550.50 
42,684.03 
33,280.00 
23,801.64 

1,006.51 


15,536.89 

233,379.60 

28,853.33 

3,004.12 


Deductions from Gross Income 
Rent for Leased Roads : 

Boston Elevated Railway — Dividend Rental 


$87,388.80 
$6,099,574.19 

$2,134,823.50 
46,513.76 


$104,322.68 
$7,295,795.94 

$3,081,309.37 
48,716.08 


$280,773.94 
$7,119,527.05 

$2,957,758.00 
56,803.71 


Miscellaneous Rents 

Net Loss on Miscellaneous Physical Property . 

Amortization of Discount on Funded Debt . 


$2,181,337.26 

2,780,188.49 
4,494.43 

2,962,236.66 
11,358.48 
49,440.97 
15,463.25 


$3,130,025.45 

2,775,244.49 

5,133.37 

2,456,285.00 

f910.34 

48,411.52 

16,245.26 


$3,014,561.71 

1,790,432.30 

9,325.77 

2,201,311.25 

401,321.38 

34,860.38 

14,881.50 


Total Deductions from Gross Income . 
Operating Loss for Year 


$8,004,519.54 
*$1,904,945.35 


$8,430,434.75 
*$1,134,638.81 


$7,466,694.29 
♦$347,167.24 



fCredit. 



* Debit. 



30 



Appendix 4 



Operating Expense Accounts 



1931 



1930 



1920 



Way and Structures 
Superintendence of Way and Structures 

Maintenance of Track and Roadway .... 

Removal of Snow and Ice 

Roadway Structures 

Signals and Interlocking Apparatus .... 

Telephone and Telegraph Lines 

Other Miscellaneous Way Expenses .... 

Maintenance of Electric Line Equipment 

Maintenance of Buildings and Grounds .... 

Depreciation of Way and Structures .... 

Total Way and Structures 

Equipment 
Superintendence of Equipment 

Maintenance of Cars and Buses 

Service Equipment 

Maintenance of Electric Equipment of Cars 

Shop Equipment 

Shop Expenses 

Miscellaneous Equipment 

Depreciation of Equipment 

Depreciation — Motor Buses 

Total Equipment 

Power 
Superintendence of Power 

Maintenance of Power Plant Bldgs. and Equipment 

Depreciation of Power Plant Bldgs. and Equipment 

Operation of Power Plants 

Gasoline for Motor Buses 

Total Power 



$316,398.02 

1,235,816.76 

61,942.36 

99,751.10 

31,234.80 

13,029.39 

56,356.68 

240,311.92 

338,041.55 

866,400.00 



$3,259,282.64 

$162,009.15 

1,029,517.25 

39,686.74 

466,602.03 

31,283.44 

248,794.54 

72,143.79 

1,003,200.00 

348,968.85 



$4,002,205.79 

$98,299.50 
276,294.56 
410,400.00 
1,119,509.16 
187,698.15 



$2,092,201.37 



$303,745.52 

l,248,504.6;-< 

55,376.73 

115,311.44 

32,426.50 

9,530.20 

39,859.01 

238,558.42 

363,986.59 

921,120.00 



$3,328,419.09 

$165,160.48 

1,716,616.20 

49,987.77 

492,655.60 

30,399.16 

235,061.40 

79,250.51 

1,042,320.00 

415,342.46 



$4,226,793.58 

$108,782.31 
330,834.71 
460,560.00 

1,270,000.53 
221,555.56 



$2,391,733.11 



$194,428.55 

1,642,612.96 

615,548.70 

79,253.48 

19,454.93 

26,273.89 

19,163.99 

264,490.05 

348,048.56 

17,000.00 



$3,226,275.11 

$136,169.08 

1,600,764.73 

98,803.38 

804,309.30 

42,420.42 

284,539.15 

44,844.36 

1,022,000.00 



$4,033,850.42 

$85,059.57 

457,635.12 

965,000.00 

3,061,297.21 



$4,568,991.90 



31 



Operating Expense Accounts — Concluded 



Conducting Transportation 
Superintendence of Transportation .... 

Passenger Car, Trainmen and Bus Operators . 

Adv. Car and Trainmen 

Miscellaneous Car and Bus Service Employes . 

Miscellaneous Car and Bus Service Expenses . 

Station Employes 

Station Expenses 

Car House and Bus Garage Employes . 

Car House and Bus Garage Expenses . 

Operation of Signal and Interlocking Apparatus 

Operation of Telephone and Telegraph Lines . 

Other Transportation Expenses .... 

Total Conducting Transportation . 

Traffic 
Traffic 

General and Miscellaneous 
Salaries and Expenses of General Officers . 

Salaries and Expenses of General Office Clerks 

General Office Supplies and Expenses . 

Law Expenses 

Relief Department Expenses 

Pensions and Gratuities . 

Miscellaneous General Expenses .... 

Valuation Expenses ,, 

Injuries and Damages 

Insurance 

Stationery and Printing 

Store Expenses 

Garage Expenses (Excl. Bus Garages) . 

Rent of Tracks and Facilities 

Rent of Equipment 

Total General and Miscellaneous 

Transportation for Investment 
Total Operating Expenses 

tCredit. 



1931 



$1,258,758.97 

6,059,955.08 

35.26 

237,718.65 

134,828.84 

676,719.17 

228,502.13 

937,878.02 

96,133.78 

278,544.67 

11,945.73 

222,055.97 



$10,143,C76.27 

$22,744.49 

$92,590.29 

392,255.27 

115,607.60 

47,822.10 

3,607.50 

303,922.17 

158,660.23 

1,382.87 

1,061,835.49 

171,166.32 

65,144.86 

213,295.78 

72,170.13 

20,260.62 

21,204.60 



$2,740,925.83 

t$9,688.14 
$23,250,748.25 



1930 



$1,331,828.87 

6,455,330.91 

278.55 

248,006.63 

144,432.16 

680,360.89 

268,109.33 

977,354.39 

98,626.21 

278,163.15 

17,703.27 

235,780.53 



$10,736,974.89 

$58,009.49 

$93,580.49 
389,155.90 
124,034.83 
43,616.86 
4,920.00 
277,512.70 
158,539.27 

1,108,584.61 
174,866.71 
76,416.34 
213,804.31 
83,007.29 
20,523.28 
23,645.35 



$2,792,207.94 

t5,160.42 

$23,527,974.68 



1920 



$1,008,465.02 
7,646,971.90 

15,715.67 
296,455.06 
206,948.02 
735,178.90 
219,632.87 
920,926.65 

75,141.23 
200,957.76 

13,601.93 
184,828.17 



$11,524,823.18 
$3,357.91 

$82,523.20 

326,302.59 

198,992.05 

35,941.44 

4,920.00 

38,917.44 

75,865.97 

785,971.56 
372,849.38 
108,569.70 
172,166.35 
178,803.57 
13,998.99 
16,001.35 



$2,411,823.59 



$28,769,122.11 



32 



Appendix 5 



Road and Equipment Investment 



Account 



Way and Structures 

A/c 501 Engineering and Superintendence 

502 Right of Way 

503 Other Land 

504 Grading 

505 Ballast 

506 Ties 

507 Rails, Rail Fastenings and Joints . ' 

508 Special Work 

510 Track and Roadway Labor .... 

511 Paving 

512 Roadway Machinery and Tools . 

513 Tunnels and Subways 

514 Elevated Structures and Foundations . 

515 Bridges, Trestles and Culverts . 

516 Crossings, Fences and Signs . 

517 Signals and Intei locking Apparatus . 

518 Telephone and Telegraph Lines . 

519 Poles and Fixtures 

520 Underground Conduit 

521 Distribution System 

523 Shops, Car Houses and Garages . 

524 Stations, Misc. Buildings and Structures 

525 Wharves and Docks 

Total Way and Structures . 

Equipment 

A/c 530 Passenger Cars and Buses .... 

532 Service Equipment 

533 Electric Equipment of Cars .... 

536 Shop Equipment 

537 Furniture 

538 Miscellaneous Equipment .... 

Total Equipment 

Powe:* 

A/c 539 Power Plant Buildings 

540 Sub Station Buildings 

542 Power Plant Equipment .... 

543 Sub Station Equipment 

544 Transmission System 

Total Power 



General and Miscellaneous 

A/c 546 Law Expenditures 

547 Interest during Construction . 

548 Injuries and Damages .... 

549 Taxes 

550 Miscellaneous 

Total General and Miscellaneous 
Total Road and Equipment 



Total 
Dec. 31, 1931 



$1,771,879.54 

11,450,498.79 

5,732,677.53 

265,326.32 

773,511.94 

901,683.61 

2,366,725.12 

4,404,807.45 

4,237,533.71 

1,654,813.03 

290,729.46 

322,975.13 

5,734,943.16 

1,927,537.45 

124,148.21 

1,111,754.87 

101,711.17 

629,554.27 

1,836,372.92 

3,919,489.13 

7,297,919.95 

4,326,897.03 

232,301.20 



$61,415,790.99 



$20,091,241.33 
1,062,267.28 
8,225,537.63 

697,879.05 
219,767.84 
454,414.58 



$30,751,107.71 



$5,323,106.81 

554,210.85 

8,441,478.19 

2,544,479.67 

1,608,677.19 



$18,471,952.71 



$250.00 

1,761,084.37 

7,500.00 

161,349.02 

18,181.66 



$1,912,001.73 
$112,550,853.14 



Total 
Dec. 31, 1930 



$1,771,879.54 

11,450,037.63 

5,509,968.93 

264,967.40 

771,059.23 

921,102.55 

2,487,254.31 

4,428,432.52 

4,251,695.47 

1,636,129.82 

277,127.41 

322,159.92 

5,734,943.16 

1,928,687.45 

124,148.21 

1,110,649.09 

101,711.17 

643,132.50 

1,821,984.96 

3,928,610.37 

7,207,631.11 

4,275,661.74 

232,301.20 



$61,201,275.69 



$19,981,180.52 

1,062,321.80 

8,460,885.09 

696,137.44 

208,134.64 

459,566.83 



$30,868,226.32 



$5,191,590.31 

551,125.68 

8,649,913.28 

2,277,497.31 

1,606,901.31 



$18,277,027.89 



$250.00 

1,757,459.50 

7,500.00 

161,349.02 

18,181.66 



$1,908,376.86 
$112,254,906.76 



Note : — Bold denote credits. 



33 



Appendix 6 



Investment in Road Owned and Leased December 31, 1931 



Boston Elevated Railway 

Road and Equipment .... $112,550,853.14 

Miscellaneous Physical Property . 762,533.79 

Total Boston Elevated Railway Investment $113,313,386.93 

Leased Lines 

Hyde Park Transportation District 

(City of Boston) .... $231,099.45 

Eastern Mass. St. Ry. Co. (Part Leased) 

Old Colony Lines, W. Roxbury $672,847.44 

Boston & Northern Lines, East 

Boston 34,980.72 

Boston & Northern Lines, Mid- 
dlesex Fells Line .... 29,546.01 

Expenditures for Additions and 

Betterments 194,923.00 

Total Eastern Mass. St. Ry. Co. 932,297.17 

Total Leased Lines 1,163,396.62 

City of Boston Investment 

Boylston Subway .... $6,514,492.71 

Cambridge Connection . . . 1,653,129.88 

Dorchester Tunnel .... 12,202,158.38 

Dorchester Rapid Transit Extension 10,768,533.62 

East Boston Tunnel .... 7,226,587.45 

East Boston Tunnel Extension . 2,344,175.49 

Tremont Subway 4,456,831.96 

Washington Tunnel .... 7,946,965.19 

Total City of Boston Investment 53,112,874.68 

Commonwealth of Massachusetts Investment 

Cambridge Subway .... $7,964,000.00 

— ■» 

Total Commonwealth of Massachusetts Investment .... 7,964,000.00 
TOTAL INVESTMENT IN ROAD OWNED AND LEASED . . $175,553,658.23 



34 

Appendix 7 

Investment, Passenger Revenue and Total Income 1897-1931 



Year Ended 


Total 
Investment 


Passenger 
Revenue 


Total 
Income 


Permanent 
Investment 


Per $1 of 
Pass. 
Rev. 


Per $1 of 

Total 

Income 


Dec. 31, 1931 




$175,553,658.23 


$28,811,913.63 


$29,855,107.30 


$6.09 


$5.88 


Dec. 31, 1930 




175,045,256.41 


31,415,746.94 


32,510,721.17 


5.57 


5.38 


Dec. 31, 1929 




175,224,091.62 


32,885,587.94 


34,096,623.03 


5.33 


5.14 


Dec. 31, 1928 




172,486,669.04 


33,616,877.00 


34,843,147.51 


5.13 


4.95 


Dec. 81, 1927 




163,901,383.91 


34,000,570.95 


35,193,410.03 


4.82 


4.67 


Dec. 31, 1926 




159,025,141.62 


34,393,953.90 


35,481,313.38 


4.62 


4.48 


Dec. 31, 1925 




156,474,884.41 


33,790,441.73 


34,547,379.61 


4.63 


4.53 


Dec. 31, 1924 




155,490,852.91 


33,419,172.22 


34,175,319.61 


4.65 


4.54 


Dec. 31, 1923 




149,001,108.85 


33,297,951.50 


34,096,813.26 


4.48 


4.37 


Dec. 31, 1922 




143,345,873.68 


31,834,022.77 


32,699,176.37 


4.50 


4.38 


Dec. 31, 1921 




141,345,133.42 


32,253,629.59 


33,277,025.53 


4.38 


4.25 


Dec. 31, 1920 




139,156,058.00 


33,108,946.48 


34,031,636.44 


4.20 


4.09 


Dec. 31, 1919 




138,117,974.50 


28,767,544.11 


29,498,582.82 


4.84 


4.68 


Dec. 31, 1918 




134,181,073.47 


20,352,412.11 


21,062,962.82 


6.59 


6.37 


Dec. 31, 1917 




121,807,319.67 


19,030,940.62 


19,818,407.01 


6.40 


6.15 


June 30, 1916 




117,116,007.58 


18,148,646.75 


18,781,327.74 


6.45 


6.24 


June 30, 1915 . 




113,166,182.04 


17,290,203.30 


17,886,549.64 


6.55 


6.33 


June 30, 1914 




106,990,919.12 


17,136,776.63 


17,785,978.25 


6.24 


6.02 


June 30, 1913 




105,019,587.59 


16,289,918.96 


16,968,328.33 


6.45 


6.19 


June 30, 1912 




101,864,058.69 


15,491,051.71 


16,522,542.00 


6.58 


6.17 


June 30, 1911 




92,904,910.27 


15,227,984.08 


15,980,707.94 


6.10 


5.81 


Sept. 30, 1909 




81,592,634.49 


14,024,768.39 


14,493,853.13 


5.82 


5.63 


Sept. 30, 1908 




70,957,716.76 


13,628,383.20 


14,074,696.51 


5.20 


5.04 


Sept. 30, 1907 




65,979,896.07 


13,546,779.20 


14,011,167.72 


4.87 


4.71 


Sept. 30, 1906 




59,873,910.46 


13,109,316.03 


13,634,612.49 


4.57 


4.39 


Sept. 30, 1905 




57,187,809.61 


12,337,867.16 


12,741,569.30 


4.64 


4.49 


Sept. 30, 1904 




51,886,524.39 


12,078,800.39 


12,436,593.79 


4.30 


4.13 


Sept. 30, 1903 




48,398,610.91 


11,666,906.60 


12,019,371.26 


4.15 


4.03 


Sept. 30, 1902 




46,466,591.31 


11,060,385.40 


11,321,030.13 


4.20 


4.10 


Sept. 30, 1901 




44,087,939.53 


10,562,533.45 


10,869,496.33 


4.17 


4.06 


Sept. 30, 3 900 




37,793,501.62 


9,948,438.78 


10,236,994.49 


3.80 


3.69 


Sept. 30, 1899 




33,187,250.79 


9,449,928.89 


9,756,136.25 


3.51 


3.40 


Sept. 30, 1898 




31,251,811.90 


8,967,587.56 


9,257,252.94 


3.48 


3.38 


Sept. 30, 1897 


• 


25,291,913.22 


8,536,285.83 


8,719,031.78 


2.96 


2.90 



The permanent investment represents the 
leased, including subways, tunnels and rapid 
wealth of Massachusetts. 



actual money expended for property operated, owned and 
transit lines owned by the City of Boston and Common- 



35 
Appendix 8 



Outstanding Capital Stock December 31, 1931 
COMMON STOCK 



No. 

Shares 

Outstanding 



5,000 
95,000 
33,000 
66,500 
39,294 



238,794 



Par Value 

Shares 
Outstanding 



$500,000.00 
9,500,000.00 
3,300,000.00 
6,650,000.00 
3,929,400.00 



$23,879,400.00 



Net 
Premium 



$1,815,000.00 
695,958.13 
196,470.00 



$2,707,428.13 



Amount 
Realized 



$500,000.00 
9,500,000.00 
5,115,000.00 
7,345,958.13 
4,125,870.00 



$26,586,828.13 



Date of 
Approval by 
Commission 



Tuly 26, 1897 

July 6, 1900 

Aug. 22, 1902 

Dec. 18, 1908 

Dec. 6, 1912 



Yearly 
Dividend 



Dividends 
Payable 



5%— $1,193,970.00 



Jan. 1 
Apr. 1 
July 1 
Oct. 1 



OUTSTANDING FUNDED DEBT 











Net Pre- 




Date 


of 






Par 


Rale 


Maturity 


mium or 


Amount 


Approval by 


Yearly 


Co. 


Value 








Discount 


Realized 


Commission 


Interest 




$3,000,000.00 


6 % 


June 


1, 1933 


*$180,000.00 


$2,820,000.00 


May 10, 


1923 


$180,000.00 


B. E. 


2,098,000.00 


6 % 


Mar. 


1, 1934 


24,315.82 


2,122,315.82 


Feb. 15, 


1924 


125,880.00 


B. E. 


1,581,000.00 


5^4% 


Aug. 


1, 1934 


*5,027.58 


1,575, 972.42 


June 19, 


1924 


86,955.00 


P>. E. 


7,500,000.00 


4 % 


May 


1, 1935 


276,900.00 


7,776,900.00 


Apr. 7, 


1900 


300,000.00 


B. E. 


1,000,000.00 


4 % 


May 


1, 1935 


*55,000.00 


945,000.00 


June 15, 


190 r < 


40,000.00 


B. E. 


$1,926,000.00 


5 % 


Feb. 


1, 1937 


*23,131.26 


1,902,868.74 


Mar. 2, 


1925 


96,300.00 


B. E. 


$2,700,000.00 


5 % 


Feb. 


1, 1937 


*32,427.00 


2,667,573.00 


Dec. 9, 


1926 


135,000.00 


B. E. 


$1,885,000.00 


5 % 


Feb. 


1, 1937 


*7, 426.90 


1,877,573.10 


Dec. 9, 


1926 


94,250.00 


B. E. 


4,800,000.00 


l l A% 


Oct. 


1, 1937 


*29, 585.04 


4,770,414.96 


June 15, 


1907 


216,000.00 


B. E. 


tl.200,000.00 


5 % 


t ly 


1, 1940 


*19,200.00 


1,180,800.00 


May 14, 


1930 


60,000.00 


B. E. 


5,000,000.00 


ty2% 


Nov. 


1, 1941 


*100,000.00 


4,900,000.00 


Oct. 17, 


1911 


225,000.00 


B. E. 


4,000,000.00 


5 % 


Dec. 


1, 1942 


*80,000.00 


3,920,000.00 


Dec. 6, 


1912 


200,000.00 


B. E. 


1,000,000.00 


5 % 


Dec. 


1, 1942 


*78,940.00 


921,060.00 


May 27, 


1914 


50,000.00 


B. E. 


3,286,000.00 


5 % 


Dec. 


1, 1942 


*261,779.76 


3,024,220.24 


Nov. 9, 


1915 


164,300.00 


B. E. 


21,000,000.00 


6 % 


Aug. 


14, 1971 


— 


21,000,000.00 


* # * 




1,260,000.00 


B. E. 


2,000,000.00 


6 % 


Sept. 


14, 1971 


— 


2,000,000.00 


* * # 




120,000.00 


B. E. 


$63,976,000.00 


*$571,301.72 


$63,404,698.28 


$3,353,685.00 




3,559,000.00 


4 % 


Aug. 


1, 1932 


72,568.01 


3,631,568.01 


Sept. 18, 


1902 


142,360.00 


W. E. 


700,000.00 


4 % 


Aug. 


1, 1932 


33,251.00 


733,251.00 


Dec. 1, 


1903 


28,000.00 


W. E. 


750,000.00 


4 % 


Aug. 


1, 1932 


38,227.50 


788,227.50 


Sept. 1, 


1904 


30,000.00 


W. E. 


200,000.00 


4 % 


Aug. 


1, 1932 


11,866.00 


211,866.00 


Feb. 11, 


1905 


8,000.00 


W. E. 


500,000.00 


4 % 


Aug. 


1, 1932 


2,290.00 


502,290.00 


Dec. 12, 


1906 


20,000.00 


W. E. 


600,000.00 


5 % 


Nov. 


1, 1932 


24,888.00 


624,888.00 


Feb. 13, 


1913 


30,000.00 


W. E. 


815,000.00 


5 % 


May 


1, 1936 


5,786.50 


820,786.50 


Apr. 6. 


1916 


40,750.00 


W. E. 


2,600,000.00 


5 % 


Mar. 


1, 1944 


112,832.0? 


2,712,832.07 


(Feb. 4, 
(Apr. 14, 


1914 
1914 


130,000.00 


W. E. 


570,000.00 


7 % 


Sept. 


1, 1947 


399.00 


570,399.00 


[Aug. 24, 
(Sept. 4, 


1917 
1917 


39,900.00 


W. E. 


$10,294,000.00 


$302,108.08 


$10,596,108.08 


$469,010.00 




$74,270,000.00 


*$269,193.64 


$74,000,806.36 


$3,822,695.00 





* Discount. 

$Redeemable on any interest date after February 1, 1929 
f Redeemable on any interest date after February 1, 1932 
***Authorized by Section 4, Chapter 333, Acts of 1931. 



@ 



$101. 
$101. 



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40 

Appendix 11 

Comparative Division of Receipts and Expenditures for Years Ended Dec. 31. 





1931 


1930 


1929 


1928 


1927 


Total Receipts .... 
Operating Expenses: 

Material and other items . 
Injuries and Damages 
Depreciation .... 
Fuel (inc. Gasoline for Buses) 


$29,855,107.30 

$15,039,762.49 
2,739,629.21 

875,302.98 
2,628,968.85 

967,084.72 


$32,510,721.17 

$15,865,649.37 

2,778,098.93 

917,354.53 

2,839,342.46 

1,127,529.39 


$34,096,623.03 

$16,093,870.85 
2,770,526.62 
1,010,378.57 
2,878,054.52 
1,271,916.67 


$34,843,147.51 

$16,646,421.20 
3,008,221.56 
1,306,882.63 
2,671,141.73 
1,267,521.57 


$35,193,410.03 

$16,757,338.49 
3,099,523.98 
1,203,518.05 
2,824,220.15 
1,247,732.14 


Total Operating Expenses 

Rent for Leased Roads . 

Subway, Tunnel and Rapid 

Transit Line Rentals . 
Interest on Bonds and Notes 
Miscellaneous Items 


$22,250,748.25 

1,504,784.86 

46,513.76 

2,134,823.50 

2,780,188.49 

2,973,595.14 

69,398.65 


$23,527,974.68 

1,686,950.55 

48,716.08 

3,081,309.37 

2,775,244.49 

2,455,374.66 

69,790.15 


$24,024,747.23 

1,619,962.88 

49,472.54 

3,089,528.26 

2,650,371.31 

2,495,850.19 

72,617.98 


$24,900,188.69 

1,721,678.45 

50,119.61 

3,095,606.87 

2,389,354.11 

2,557,565.53 

88,583.28 


$25,132,332.81 

1,864,135.90 

49,919.33 

3,102,512.38 

2,224,087.95 

2,524,843.23 

72,762.94 


Total Cost of Service . 
Gain for Year . 
Loss for Year . 


$31,760,052.65 
$1,904,945.35 


$33,645,359.98 
$1,134,638.81 


$34,002,550.39 
$94,072.64 


$34,803,096.49 
$40,051.02 


$34,970,594.54 
$222,815.49 



Note: — Profit and Loss Items not included above. 



41 

Appendix 12 
Traffic Statistics, Year Ended December 31 





1931 


1930 


1929 


1928 


Round trips operated . . 




7,102,373 


7.453,801 


7,361,738 


7,316,027 


Passenger revenue 




$28,311,913.63 


$31,415,746.04 


$32,885,587.94 


$33,616,877.00 


Passenger revenue per mile 


(cents) 


53.80c 


56.04c 


58.01c 


58.49c 


Passenger revenue per hour 




$5.43 


$5.66 


$5.86 


$5.92 


Passenger revenue mileage 




53.553,817* 


56.060,874* 


56,684,985* 


57,475,124* 


Passenger revenue hours 




5,303,580 


5,548,253 


5,613,300 


5,674,941 


nue passengers carried 




324.788,577 


342,694,905 


354,214,990 


362,005,033 


Revenue passengers carried 


per mile 


6.065 


6.113 


6.249 


6.298 


nue passengers carried 


per hour 


61.24 


61.77 


63.10 


63.79 



Including motor bus mileage 



1931 


8,771,384 


1930 


7.813,467 


1929 


7,138,386 


1928 


5,999,879 



Appendix 13 

Comparative Passenger Statistics — Revenue Passengers Carried 



Year 


Week Day 
Average 


Saturday 
Average 


Sunday 
Average 


Holiday 
Average 


Total for 
Year 


1931 












971,487 


997,669 


460,564 


558,262 


324,788,577 


1930 












1,025,036 


1,050,111 


488,101 


590,810 


342,694,905 


1929 












1,049,304 


1,123,058 


518,093 


602,071 


354,214,990 


1928 












1,067,980 


1,143,250 


539,813 


631,916 


362,005,033 


1927 












1,079,087 


1,166,933 


555,326 


661,840 


366,938,908 


1926 












1.086,544 


1,191,342 


576,701 


666,258 


371,218,401 


1925 












1,066,317 


1.172.873 


577,200 


660,007 


365,036,286 


1924 












1,109,861 


1,216,132 


630,755 


727,191 


382,888,848 


1923 












1,109,274 


1,196,301 


652,404 


758,915 


382,149,697 


1922 












1,030,303 


1,144,320 


617,148 


691,890 


356,593,942 


1921 












975,745 


1,068,295 


578,860 


696,691 


337,252,080 


1920 












960,737 


1,072,319 


591,063 


703,634 


335,526,561 


1919 












934,918 


1,078,635 


596,182 


. 706,429 


324,758,685 


1918 












985,384 


1,147,809 


658,902 


775,634 


348,664,700 


1917 












1,073,943 


1,249,588 


728,847 


857,902 


381,017,338 



42 
Appendix 14 



BOSTON ELEVATED RAILWAY 

Yearly Averages 

Revenue Passengers per Car and Bus Mile 



7.5 

7.0 
6.5 

6.0 
55 
5.0 






Weekly Pav dollars 




Number of Employees oh WeeklyPayroll 



10500 
10,000 

9500 
9.000 






















































































j 


















8,500 
8,000 


















— 




V 

















































1915 1917 B19 B21 1923 1925 1927 1929 1931 
1909 19K> 19» 1320 1922 1924 1926 1928 1930 



43 
Appendix 15 



BostonElevatedRailway 
Allocation of Cost ofServke 

PER PASSEHGER 
12 Months Ended Dec. 31, 1931 

Aver mieRegeipts perRevenuePassenger 9.1 92 * 
Cost of Service9!77<B *perRevenueR&s5ewger 

DIVIDED AS FOLLOWS 




»*~+.7%-"* 



44 



Appendix 16 
Per Cent of Maintenance and Depreciation to Total Income 



Year Ended 


Total Income 


Maintenance 
and Depreciation 


Per Cent 


December 


31, 


1931 












$29,855,107.30 


$7,903,344.74 


26.47 


December 


31, 


1930 












32,510,721.17 


8,311,029.03 


25.56 


December 


31, 


1929 












34,096,623.03 


8,284,093.66 


24.29 


December 


31, 


1923 












34,843,147.51 


8,595,987.73 


24.67 


December 


31, 


1927 












35,193,410.03 


8,639,138.59 


24.55 


December 


31, 


1926 












35,481,313.38 


8,977,312.93 


25.30 


December 


31, 


1925 












34,547,379.61 


8,381,452.23 


24.26 


December 


31, 


1924 












34,175,372.73 


8,694,550.21 


25.44 


December 


31, 


1923 












34,096,813.26 


7,977,110.77 


23.40 


December 


31, 


1922 












32,699,176.37 


7,524,999.83 


23.01 


December 


31, 


1921 












33,277,025.53 


7,777,505.22 


23.37 


December 


31, 


1920 












34,031,636.44 


8,078,269.69 


23.74 


December 


31, 


1919 












29,498,582.82 


8,650,266.57 


29.32 



Total income includes, in addition to car fares collected, receipts from advertising privileges, news 
stands and station privileges, rentals and income from various miscellaneous sources. 



Appendix 17 
Comparative Power Statistics 





1931 


1930 


1929 


1928 


1927 


1926 


1925 


Tons of coal burned 


172,078 


189,894 


201,235 


204,620 


209,815 


230,759 


217,414 


Pounds of coal per 
kilowatt hour 


1.676 


1.764 


1.826 


1.816 


1.932 


2.011 


1.973 


Average price of 
coal per long ton 
(at boilers) 


$4.52 


$4.60 


$4.79 


$4.93 


$4.91 


$4.98 


$5.22 


Net cost of power 
















for car service 
per kilowatt hour 
(cents) 


0.863 


0.934 


0.921 


0.928 


0.987 


0.982 


1.021 


Net cost of power 
















per total revenue 
car mile (cents) 


4.052 


4.303 


4.219 


4.134 


4.307 


4.401 


4.428 


Direct current an- 
















nual output (k. 
w.) 


230,467,400 


241,729,260 


247,473,090 


252,346,905 


243,230,850 


257,045,625 


246,835.300 



45 



Appendix 18 
Distribution of Tax Payments in 1931 



Arlington 

Belmont 

Boston 

Brookline 

Cambridge 

Chelsea 

Everett 

Maiden 

Medford 

Milton 

Newton 

Quincy 

Somerville 

Stoneham 

Waltham 

Watertown 

Commonwealth of Massachusetts 
United States of America . 

Total Taxes Paid in 1931 . 



Real Estate 
and Personal 
Property Taxes 



$11,027.68 

170.64 

775,391.40 

7,341.96 

76,729.26 

1,503.80 

97,790.32 

4,226.20 

9,404.78 



638.40 



31,634.28 



5,557.80 



$1,021,416.52 



Corporate 

Franchise 

Tax 



$1,563.62 

758.99 

49,920.23 

3,260.95 

7.665.67 

646.48 

3,102.79 

2,272.88 

2,324.24 

480.18 

461.43 



5,135.18 



1,966.35 
1,964.72 



$81,523.71 



Excise 
Taxes 



$15.41 

17.785.40 



53.69 



5.85 



2,982.01 



3.51 

11.70 

11,757.01 

6.44 

5.85 

23.15 



$32,650.02 



Federal 
Income Tax 



$420,178.55 



$420,178.55 



Total 
Taxes Paid 



$12,591.30 

945.04 

843,097.03 

10,602.91 

84,448.62 

2,150.28 

100,898.96 

6,499.08 

14,711.03 

480.18 

1,103.34 

11.70 

48,526.47 

6.44 

5.85 

7,547.30 

1,964.72 

420,178.55 



$1,555,768.80 



46 



Appendix 19 



Passenger Cars and Buses Owned 
Surface Cars 



Semi-convertible cars — Type No. 1 — No. 4A3 
Semi-convertible cars — Type No. 5 

Center entrance cars 

Trailer cars 

One-man cars (Birney Type) .... 
Articulated cars (40' and 50' type) . 

Box cars 

Open cars 

Total Surface Cars 





1931 


1930 


1918 




267 


348 


453 




471 


471 


— 




396 


396 


100 




220 


220 


174 




— 


— 


1 




— 


— 


177 




— 


— 


1,113 




— 


— 


1,354 




1,354 


1,435 


3,372 



Rapid Transit Cars 



Elevated cars, wood and steel .... 

Elevated cars, steel 

Cambridge-Dorchester Tunnel cars, steel 

East Boston Tunnel cars, steel 


325 
155 

48 


325 

155 

48 


169 

162 

60 


Total Rapid Transit Cars 


528 


528 


391 



Motor Buses 



Mechanical Drive 

25 Passenger buses 

29 Passenger buses 

31 Passenger buses 

33 Passenger buses 

37 Passenger buses 

38 Passenger buses 

39 Passenger buses 

40 Passenger buses ' . 

Total Mechanical Drive 

Gas Electric 

29 Passenger buses 

35 Passenger buses 

36 Passenger buses 

37 Passenger buses 

Total Gas Electric 

Total Motor Buses 

Total Passenger Cars and Buses Owned .... 

*In addition the Boston Elevated Railway on Decem- 
ber 31, 1931, operated one leased 44 passenger bus. 



66 


95 


125 


125 


1 


1 


1 


1 


12 


12 


1 


1 


41 


32 


83 


48 



330 



2 
15 
16 
15 



48 
>378 



315 



3 
15 
16 
15 



49 
364 



2,260 



2,327 



3,763 



L. Grimes Printing Ce., Boston 



Fourteenth 

Apjnual Report 



OF THE 



PUBLIC TRUSTEES OF THE BOSTON 
ELEVATED RAILWAY 



FOR THE 

Year Ended December 31, 1932 



Fourteenth 

Annual Report 



OF THE 



PUBLIC TRUSTEES OF THE BOSTON 
ELEVATED RAILWAY 



FOR THE 

Year Ended December 31, 1932 



BOARD OF TRUSTEES 

(Appointed by the Governor of Massachusetts pursuant to Chapter 159 

of the Special Acts of 1918) 

HENRY I. HARRIMAN, Chairman 

CHARLES H. COLE ERNEST A. JOHNSON 

GEORGE B. JOHNSON EDWARD E. WHITING 



OFFICERS 

(Appointed by the Trustees) 

EDWARD DANA Executive Vice-president 

and General Manager 

HENRY L. WILSON Treasurer 

JOHN H. MORAN General Auditor 

H. WARE BARNUM General Counsel 

MAURICE P. SPILLANE General Attorney 



REPORT OF THE BOARD OF PUBLIC TRUSTEES 

OF THE 

BOSTON ELEVATED RAILWAY 



TABLE OF CONTENTS 



Data of Operation . 
Sale of Electricity .. 
Taxicab Competition 
Fixed Charges . 
Maturing Bonds 
Subway and Tunnel Rentals 
Safety .... 
Educational Instruction . 
Extension of Bus Service 
General Attorney . 
Plant Changes 

Kenmore and Charles Stations 

Lincoln Power Station 

North Station Sub-station 

Charlestown Yard Development 

Bennett Street Garage 

Salem Street Development 

Construction of Gerrish Avenue Loop 

Busway at Lechmere Station 

Guild Street Shop . 

Car Houses Closed . 
Reduction in Derailments 
Reduction in Delays 
Reduction in Complaints . 
Reduction in Salaries and Wages 
Reduction in Personnel and Weekly Rayroll 
Relief of L T nemployed .... 



Page 

5 

6 

7 

8 

8 

9 

11 

13 

13 

14 

14 
15 
15 

16 
16 
16 
17 
17 
17 
17 
19 
19 
19 
19 
20 
21 



Appendixes 

1. Public Accountants' Certification 

2. General Balance Sheet . 

3. Income Statement . 

4. Operating Expense Accounts . 



25 
26 
30 
32 



5. Road and Equipment Investment 34 

6. Investment in Road Owned and Leased December 31, 

1932 35 

7. Investment and Total Income 1897-1932 . . . . 36 

8. Capital Outstanding December 31, 1932 . ... 37 

9. Revenue Passengers Carried — 1897 to 1932 ... 38 

10. Revenue Mileage— 1898 to 1932 40 

11. Comparative Division of Receipts and Expenditures for 

Years Ended Dec. 31 42 

12. Traffic Statistics, Year Ended December 31 . . . 43 

13. Comparative Passenger Statistics — Revenue Passengers 

Carried 43 

14. Ratio of Maintenance and Depreciation to Total 

Income, Per Cent ....... 44 

15. Comparative Power Statistics ...... 44 

16. Basis of the 1932 Loan Assessment on Cities and Towns 

— Chapter 159, Special Acts 1918, as Amended . . 45 

17. Passenger Cars and Motor Coaches Owned ... 45 



Graphs 

Fixed Charges per Year 8 

Accidents in 1926 and 1932 Compared 12 

Revenue-Miles per Year, Motor Coach, Rapid Transit, 

Transit, 2-Man Surface, 1-Man Surface .... 14 

Reduction in Derailments 18 

Reduction in Delays 18 

Reduction in Complaints ....... 18 

Employees on Weekly Payroll 20 



REPORT OF THE BOARD OF PUBLIC 

TRUSTEES OF THE BOSTON 

ELEVATED RAILWAY 



To the Honorable Senate and House of Representatives in General 
Court Assembled : 

WITH the continuance of depressed economic conditions and 
of the competition of the private and public automobile, 
the public trustees of the Boston Elevated Railway concen- 
trated their efforts during the calendar year which ended December 
31, 1932 upon reducing the cost of running the railway under their 
control. 

There has been a substantial reduction in the costs of every 
department. The total reduction in operating expenses for 1932 
has been $2,708,320.09 compared to operating costs in 1931. 

For the calendar year just ended, the operating expenses of the 
railway were $2,546,030.59 lower than for any other calendar year 
since the beginning of public control. 

The urgency of the need to reduce operating expenses is meas- 
ured by the reduction of $3,426,613.67 in gross revenues during 
1932 compared to 1931. The trustees believe that the economies 
placed into effect were real economies. For, in cutting expenses of 
a railway system, there must be kept in mind always that a point 
can be reached beyond which there is no net saving, but a loss. 
Service can be made so unattractive that the loss in riding and con- 
sequently in revenue is greater than the cut in expense. Such false 
economy would be disastrous to the railway and seriously detri- 
mental to the cities and towns served. Moreover, the safety of the 
riding public must be protected. The cost of maintaining cars, 
buses and tracks cannot be cut to a point where lives would be en- 
dangered. There can be no compromise with safety. 

Operating expense is the amount of money spent to run the 
railway. Or, in other words, operating expense is the amount spent 
to earn the revenues. Actually, in simplest terms, that expenditure 
is what keeps cars, trains and buses moving to furnish transporta- 
tion. The problem, therefore, is one of producing as much service 
as possible to the public at a minimum of expense. That, we be- 
lieve, is being accomplished. 

For the calendar year 1932, operating expenses were reduced 
12.2 per cent., whereas mileage was reduced by only 4.4 per cent. 
Since the calendar year 1926 operating expenses have been reduced 
by 25 per cent., whereas the service mileage operated has been 
reduced by only 11.6 per cent. 



Despite the large reduction in operating expenses for the calen- 
dar year just ended, revenues were insufficient to meet the cost of 
service by $2,569,445.45. 

That conditions in Boston, and the consequent use of the rail- 
way, are better generally than in other large cities is indicated by 
the table below showing the percentage of loss in the number of 
revenue passengers carried by electric railways in 1932 compared 
with 1931: 



Baltimore 


17.96% 


New York 


7.40% 


Boston 


10.17 


Philadelphia 


15.61 


Chicago 


13.92 


Pittsburgh 


21.99 


Detroit 


12.30 


St. Louis 


20.69 


Indianapolis 


16.26 


Washington 


12.79 


Newark 


14.52 







Of these cities, New York was the only one where the decline 
in riding was less than that in Boston. 

The table below presents the results of operations of the rail- 
way for the calendar years 1919 to 1932, inclusive: 









Fixed Charges 








Operating 


and Miscel- 


Net Result 




Receipts 


Expenses 


laneous Items 


of Operation 


1919 


$2:9,498,582.82 


$23,700,339.41 


$8,180,343.29 


$2,382,099.88* 


1920 


34,031,636.44 


25,769,122.11 


8,609,681.57 


347,167.24* 


1921 


33,277,025.53 


22,843,056.99 


9,262,523.67 


1,171,444.87 


1922 


32,699,176.37 


22,088,458.75 


9,198,528.54 


1,412,189.08 


1923 


34,096,813.26 


24,130,253.41 


9,286,928.29 


679,631.56 


1924 


34,175,319.61 


25,222,133.56 


9,589,882.45 


636,696.40* 


1925 


34,547,379.61 


24,405,735.57 


9,639,450.19 


502,193.85 


1926 


35,481,313.38 


26,076,268.11 


9,887,794.39 


482,749.12* 


1927 


35,193,410.03 


25,132,332.81 


9,838,261.73 


222,815.49 


1928 


34,843,147.51 


24,900,188.69 


9,902,907.80 


40,051.02 


1929 


34,096,623.03 


24,024,747.23 


9,977,803.16 


94,072.64 


1930 


32,510,721.17 


23,527,974.68 


10,117,385.30 


1,134,638.81* 


1931 


29,855,107.30 


22,250,748.25 


9,509,304.40 


1,904,945.35* 


1932 


26,428,493.63 


19,542,428.16 


9,455,510.92 


2,569,445.45* 



*Denotes deficits. 



Sale of Electricity 



Against the falling of the revenues of a public carrier by rea- 
son of lessened general activity there is, of course, no comprehensive 
remedy of a positive character except improvement in business. 
Fewer men and women at work and working fewer days means 
fewer car rides not only by the men and women themselves but by 
members of their families to go shopping or to places of enter- 
tainment. 

Revenues of the railway could be helped, however, in a con- 
structive manner through the sale of electricity at fair prices for 
light, heat and power to street railways, electric companies and 
other public utilities. 

The trustees have petitioned the General Court to give the 
railway the right to sell electricity to public utilities subject in each 
case to approval of the Department of Public Utilities and with 
the restriction that the railway's generating plants shall not be 



increased for this purpose. Enactment of this bill would help offset 
the loss in revenue from the decline in riding and to the extent 
that the revenues from the sale of electricity reduced the deficit 
would be of direct benefit to the taxpayers in the district. 

During the course of the extended and severe decline in riding, 
a decline which shows no present signs of improvement, certain 
destructive forces developed respecting the competition to which 
the railway is subjected and concerning the financial set-up of the 
railway which, if corrected, would afford immediate and future 
relief. 

Taxicab Competition 

With respect to competition, lately, because of the lessened de- 
mand for transportation generally, taxicabs in large numbers have 
resorted to tactics contrary to the intent of present statutes and 
have encroached upon the field of the mass transportation agency. 
These taxicabs drive along street railway routes relatively near the 
business center of Boston and cream the railway's business by pick- 
ing up passengers waiting for trolley cars and buses and when filled 
to capacity proceed to the center of the city, collecting ten or fifteen 
cents for each passenger. 

This practice is a recurrence in a newer form of the so-called 
"jitney" abuse which some years ago, until controlled by state and 
local regulations, wrecked many street railway systems and wrought 
damage to communities. This usurpation of the function of a mass 
transportation agency by taxicabs reached Boston from several 
other large cities where the damage done has already contributed 
to receiverships and has led to the adoption of preventive legisla- 
tion in nine states and to corrective ordinances in several large 
cities. 

Here in Boston the argument for control is even more potent 
than elsewhere, for the drain upon the railway's revenues from this 
destructive competition is reflected immediately in any deficit from 
operations and must be met by taxing the residents in the cities and 
towns served by the railway. 

To eliminate this evil, the trustees have filed with the General 
Court a bill, passage of which is strongly urged, which would re- 
quire operators of taxicabs to obtain a certificate of public con- 
venience and necessity from the Department of Public Utilities 
and would give to that Department similar power of regulation 
over taxicabs that it now has over buses. Although the proposed 
legislation would accept as prima facie evidence the fact that a 
person at present lawfully operating a taxicab should be entitled to 
a certificate, the tendency of the legislation would be to limit rea- 
sonably to the demand for them the number of taxicabs operating 
in any community of the Commonwealth. Thus, in time, the cause 
which led to the present condition, namely, an excess of taxicabs, 
should be cured. 

In an effort to minimize the present practice, during 1932, 
from April 8, there were filed with the Police Commissioner of 



Boston 890 complaints of violations of regulations by taxicab 
operators. 

Fixed Charges 

Particularly at this time, two factors affecting the financial 
set-up of the Boston Elevated Railway should be called to your 
attention. Within limitations, operating expenses are adjustable to 
the demand for riding. Fixed charges, however, are what their 
term designates. They remain a constant charge upon the car 
rider. A decrease in the use of the system with the resultant decline 
in revenues does not provide opportunities for a reduction in fixed 
charges. 

The burden of fixed charges on the railway is great. Fixed 
charges consist of interest on bonds ; rentals of subways, tunnels, 
rapid transit lines and leased roads ; dividends, and taxes. Since 
the first complete calendar year of public control (1919) these 
charges have increased from '$7,873,683.38 to $9,322,878.62, or 18.4 
per cent. Fixed charges consumed 35.3 per cent, of the total 
revenues in 1932, whereas in 1919 the fixed charges represented only 
26.7 per cent, of the total revenues. 

Maturing Bonds 

Burdensome as are present fixed charges, the immediate future 
holds in prospect even heavier charges. The railway has $15,179,000 
in bonds maturing in the next three years and a total of $44,391,000 
maturing in the next 12 years. On August 1, 1932 bonds amount- 
ing to $5,709,000 matured, on which the interest rate had been four 
per cent. On November 1, 1932 bonds matured amounting to 
$600,000 and bearing an interest rate of five per cent. Because of 
the stringent financial conditions, the refunding bonds were issued 
at a rate which meant an increase in annual interest charges of 



1919 

1920 

1921 

»922 

1923 

1914 

1925 

1926 

1927 

1928 

1929 

1930 

t93l 

1932 


FIXED CHARGES PER VEAR 

Figures Refer to Changes from 1919 


ioo % 

W 6.0 % INCREASE 


1 




y/////////,*zw*/!^mm 


























^/////////////y^eA.^n 








////////////^///yAC^.^^ 








////////S///7SA la oV 








/ /y///////////A 19.H/0 





$167,981.34. The trustees are facing the problem of refunding a 
large amount of bonds with no evidence at present of improvement 
in the financial market. For two years the hope and expectation 
has been for improvement in conditions. 

The railway's situation with respect to its maturing bonds is 
no different from that in which the steam railroads found them- 
selves. The Federal Government came to their assistance through 
the Reconstruction Finance Corporation. The trustees have filed 
with the General Court bills whereby maturing bonds of the rail- 
way would be refunded either through the medium of the credit of 
the Commonwealth or that of the Boston Metropolitan District. 
Enactment of these bills would prevent the charging of high rates 
of interest on the refunding bonds and would protect the car riders 
and the taxpayers since deficits must be paid from taxes. 

The main argument for government ownership is that capital 
charges can be decreased because of the lower interest rates paid 
in general on state and municipal bonds than are paid upon stocks 
or bonds of private corporations. The principal advantage that 
could be obtained from government ownership can now be obtained 
by the use of the credit of the Commonwealth or of the District to 
retire and refinance existing bonds of the railway as they mature. 

We believe that this use of the public credit is entirely war- 
ranted because it is in the interest of the Commonwealth, of the 
cities and towns in the Boston Metropolitan District, of the tax- 
payers in that district and of the car riders. Enactment of the 
proposed legislation would safeguard the interests of the individuals, 
of the community and of the railway from the effects of excessive 
interest charges on bonds of the railway refunded during this period 
of disturbed economic and financial conditions and would almost 
certainly reduce interest charges on bonds refunded after the res- 
toration of normal conditions. Any saving made would reduce the 
deficit during the period of depression and tend to build up a sur- 
plus for repayment of the deficit assessment with the return of 
better times. The benefits would accrue not only in the present 
but for many years in the future. 

Subway and Tunnel Rentals 

The second disturbing factor in the financial set-up of the rail- 
way is the ever mounting charge for subway, tunnel and rapid 
transit line rentals. These rentals have risen from $1,015,910 in 
1917 to $2,794,564 in 1932, or 175 per cent. ; and from $2,238,923 in 
1926 to $2,794,564 in 1932, or 24.8 per cent. On the other hand, 
the total number of revenue passengers carried on the railway de- 
creased from 381,017,338 in 1917 to 371,218,401 in 1926 and to 
291,753,825 in 1932. 

Had it not been for the subway rentals of $2,784,707 paid by 
the railway for the year ending June 30, 1932, there would have 
been at that time a surplus of about $1,000,000 instead of a deficit. 

Subways are really underground streets. The first subway in 
the United States for trolley car service, the Tremont street sub- 



10 

way, was authorized and constructed for the relief of congestion 
on Tremont street. In the act authorizing its construction, the 
carrying charges on the proposed subway were to be paid from car 
fares. Thus a policy begun in the early 1890's and effecting a rela- 
tively small charge then has become in 1933, by virtue of the con- 
struction of many millions of dollars of additional rapid transit 
lines, a heavy fixed charge upon the revenues received from car 
fares. 

The Tremont street subway, although of great value in ex- 
pediting trolley service, was of even greater value to the community 
in leaving Tremont street free for vehicular and pedestrian travel. 
Had the relief from traffic congestion so sorely needed and so 
largely provided by the subway been obtained instead by the 
widening of Tremont street, no part of the cost would have been 
assessed on the car riders as a continuing burden. 

The entire interest and sinking funds for bonds issued for their 
construction are charged, under the name of subway rentals, against 
the car riders. Obviously, the car riders are only one class of those 
benefiting from improved transportation. The other groups are: 

( 1 ) The owners of real estate in districts contiguous to subways ; 

(2) The municipality or district as a whole, through increase in 
established values, increase in facilities for doing business and the 
greater prospect for municipal development; (3) Other users of 
the highway, especially automobilists, because of the removal of 
surface car tracks and the surrender of space occupied by surface 
cars to other vehicles. 

That subway improvements costing large sums of money be 
financed solely at the expense of car riders, is, therefore, manifestly 
unfair. 

As early as 1919, members of the special commission then 
studying the Elevated problem of that day expressed the opinion 
that subway rentals should be abolished. The Board of Trustees 
from 1920 on have reiterated the opinion that placing this charge 
entirely on the car riders is unfair and that increases put on by 
added construction could not be met from the receipts to be ex- 
pected from the existing rate of fare. 

Their position was at last recognized by the Legislature in the 
act of 1931 under which the new Kenmore station was built. It 
was also accepted by the trustees of the Boston Metropolitan Dis- 
trict in their report recommending two new rapid transit routes 
estimated to cost around $40,000,000 which was later approved by 
the Metropolitan Transit Council. The principle was again adopted 
by the Legislature in the act of last year authorizing a Huntington 
avenue subway. Under those acts no rental is to be paid unless 
earnings are sufficient after the payment of all other costs of service. 

This question of how new subways are to be paid for is one 
recurring annually. Already at least three bills are pending in the 
present Legislature for additional subway construction. Two of 
them would revert to the old unfair and unsound practice of plac- 
ing the cost entirely upon the car riders. The camel's back has 



11 

been broken by the rentals already imposed. The cost of any addi- 
tional construction must be borne by the taxpayers. Under existing 
conditions the present car fares do not produce enough income to 
pay the present rentals. 

Although carrying charges on additional subway construction 
cannot be paid by the car riders, it does not necessarily follow that 
extensions may not be warranted. Rapid transit trains operated 
in subways are undoubtedly the least expensive method for trans- 
porting large numbers through cities. The question of new subway 
construction, however, must be faced squarely as a cost that must 
be borne by taxation in one form or another and decided on the basis 
of whether the proposed subway is of sufficient public value to 
warrant the taxation involved. 

Safety 

Safeguarding the riding public and the railway's employees 
against accidents is a major duty and the continuing effort of the 
management and of the men themselves. 

Eloquent evidence of the fruitfulness of this effort, carried on 
over a period of years, is found in the unequalled record of the 
railway in winning four times the Anthony N. Brady Memorial 
Medal which earns for the winner the title of ''the safest street 
railway in the United States and Canada." 

So often has the railway won this medal lately, three awards 
in the last four, that the donor of the medal has decided that hence- 
forth companies winning for two years in succession shall be barred 
from competition for three years and that any of these same com- 
panies winning upon re-entry shall be barred for another five years. 
Although drastically limiting the railway's chance for future awards, 
this action was taken because of the railway's many successes and 
is an avowal that as to safety this railway leads the field. 

Such a record was achieved only because of the modern equip- 
ment and improved track of the system and because all railway 
activities were conducted in accordance with a sound safety plan. 

Here, in its official report, the Board of Trustees wishes to com- 
mend all employees for co-operating to make effective the railway's 
safety plan. 

The table below shows the reduction since 1926 in the number 
of all collision accidents, whether serious or slight: 



1926 
1927 
1928 
1929 
1930 

1931 
1932 



All Collisions 


All Collisions 




Involving 


Involving 




Street Cars 


Buses 


Total 


8,725 


1,521 


10,246 


7,016 


1,293 


8,309 


5,746 


1,053 


6,799 


4,885 


1,214 


6,099 


4,116 


1,068 


5,184 


3,741 


1,286 


5,027 


3,034 


1,012 


4,046 



12 



Comparing the first of these years with the year just ended, 
there has been a reduction of 6,200 in the total number of collision 
accidents, or a reduction of 53 per cent, on a mileage basis. The 
year 1932 compared to 1931 shows a reduction of 981 collision 
accidents, or 15 per cent, on a mileage basis. 

Because of the close relationship between the health of the 
employees in the transportation service and the safety of the pub- 
lic, since 1928 all rapid transit motormen have been given an an- 
nual physical examination and all other transportation employees 
40 years of age or older have been examined annually. During the 
last five years the number of such examinations conducted at the 
employment office has been as follows : 

1928 — 2,238 

1929 — 2,516 

1930 — 2,746 

1931 — 2,730 

1932 — 2,788 

Constant effort has been made to reduce industrial accidents. 
The following table shows the reduction from 1926 to 1932, inclu- 
sive, in the number of accidents to employees: 



1926 — 


• 1,465 


1927 — 


•1,414 


1928 — 


-1,121 


1929 — 


■ 921 


1930 — 


852 


1931 — 


835 


1932 — 


- 698 



The preservation of human life, the prevention of suffering, 
and the conservation of resources, all are served by a reduction in 
accidents. Toward the effort to bring accidents to an irreducible 
minimum, the year just ended, like the five which preceded it, 
marked an important forward step. 



ACCIDENTS IN 1926 AND 1932 COMPARED 
Area or circle shows number //v /J??6 
Shaded sector srohss humber //y /33Z 
Wh/te sector shows reduct/on 

Fk-Total coj.i/s/ors 



B-Coti/s/o/vs W/TH 

REDESTR/ANS 

O-CoiJL/S/OHS W/TR 
OTHER BE.RA/LWAY VEWClES 




D - Derail men ts 



13 

Educational Instruction 

The purpose of the railway's program of educational instruc- 
tion is to help the employees improve their work. The program is 
of direct benefit to the individual and to the railway, and leads to 
better service to the public. Since the program of education and 
training began in 1922, certificates numbering 5,647 have been 
awarded for completion of one or more courses. 

Practical courses, conducted after hours, include such courses 
as those on shop sketching, on the principles of car equipment, on 
the developments of rolling stock, and on the heat treating of 
metals. Foremen hold conferences on equipment and on accident 
prevention. 

Several hundred car operators meet in small groups at car 
houses to discuss problems of operation. 

Correspondence courses in subjects related to the railway's 
work have been given for several years and more than 500 certifi- 
cates for completion of work have already been awarded. 

An important feature of the educational program is a monthly 
forum meeting open to all employees and addressed by outstanding 
leaders in the transportation and other fields. 

The educational program is conducted by railway employees 
without additional compensation. 

"Co-operation," now a quarterly publication, is sent to the 
employees and keeps them informed of the railway's activities. 

Extension of Bus Service 

Bus service was extended during 1932, the miles of round-trip 
bus routes increasing from 426 to 491, or 15 per cent. Bus mileage 
accounted for more than 17 per cent, of the total mileage operated 
by the railway in 1932. 

During 1932, the railwav received 28 new buses of the most 
modern metropolitan type. At present the railway has 393 buses, 
of which 209 are of the metropolitan type. The fleet of buses 
owned by the railway measures well with any fleet operated by a 
comparable carrier. 

The principal new bus route established in 1932 was the long 
one between Lechmere station in Cambridge and Arlington Centre. 
From Lechmere station the route to Lafayette square was also es- 
tablished during the year and some additional rush hour service 
from this station was installed. 

A bus route between Chestnut Hill and Brookline Village re- 
placed car service between these points, the changes being made 
in anticipation of the completion of the Worcester-Boston state 
highway. Feeder service to the rapid transit has been added at 
Ashmont and Savin Hill stations. 

Not only does the railway operate bus service to the extent 
indicated, but at several rapid transit stations connections are made 
with bus service of the Eastern Massachusetts Street Railway. 
During 1932 a new connection was made at Forest Hills station for 



14 



REVENUE- MILES PER VEAR 

2 0,000,000 40,000,000 

10,000,000 301000,900 50,000 000 

.■.,...'.. A:>-*> .-.■.-.:■! ...v-v..>-.-.-i fl 




ZED 



■ •;':-/:::■/ .•^ ■::j, \ | 



SH 



■'?-:-i;"t ] 



i 






— ^ ; , ;j: .•.-■•: :■; •-.-. - rznz 



';■:•••■{ , ' ■■■'- , «» 



^p 



jy; :•:.'■■ :■ 



i- , -'- t -:--/r-^ 



I MOTOR COACH 
] RAPID TRANSIT 



tZ-MAN SURFACE 
I 1-MAN SURFACE 



Dedham, Norwood and East Walpole. From Ashmont station, 
Brockton, Taunton, Fall River, East Milton, South Braintree and 
intermediate points can thus be reached. At Mattapan there are 
connections for Quincy and Nantasket (the latter in summer only), 
and at Everett for Lawrence, Lowell and Haverhill. 

General Attorney 

On July 22, 1932, the railway suffered the loss of its genera! 
attorney, Russell A. Sears, who died suddenly in his 63rd year. For 
30 years Mr. Sears had been attorney for the railway, for most of 
the time its general attorney. During this period he directed the 
activities of the claim department with efficiency and foresight. He 
was widely recognized as an authority on claim department admin- 
istration and did much throughout the electric railway industry to 
minimize fraudulent claims. 

On August 1, 1932, the trustees appointed Maurice P. Spillane 
to succeed Mr. Sears. Mr. Spillane entered the employ of the rail- 
way on October 20, 1902, and served as attorney for the next ten 
years. He was Mr. Sears' assistant from 1912 until the latter's 
death. 1 

Plant Changes 

Kenmore and Charles Stations 

Two new rapid transit stations were opened during 1932, 

Charles station on February 27 and Kenmore station on October 23. 

Kenmore station, with .the accompanying extensions of the 

Boylston street subway under Commonwealth avenue and Beacon 



15 

street, was completed by the Boston Transit Department in 27 
months of actual construction. The removal of surface tracks 
through this intersection expedites automobile traffic and reduces 
the running time of the railway's cars. The plans for this improve- 
ment were approved by the Department of Public Utilities on June 
19, 1930, and work began on July 21, 1930. At that time it was 
expected that three years might be necessary to complete the job. 

The Boston Transit Department employed as many as 1,160 
men at the peak of the work, ex-service men as far as possible. The 
excavation required the removal of 210,000 cubic yards of earth. 
Concrete to the quantity of 40,000 cubic yards was used, with 1,900 
tons of reinforcing steel. 

During the construction close co-operation between the railway 
and the Boston Transit Department was maintained. The railway 
adjusted its tracks to meet the latter 's convenience and carried the 
responsibility for safe operation of the cars. At the time of change- 
over from surface to underground operation of cars, the railway's 
engineering forces and those of the Boston Transit Department 
had the details so organized that the complicated construction 
changes, necessary at the last minute, were made with smoothness 
and dispatch. 

Charles station, on the Cambridge-Dorchester rapid transit 
line, was built by the Department of Public Utilities, because it 
forms a part of the state-owned section of this line. 

The station is an attractive two-story stone structure with 
steel frame. From the building, platforms extend westward more 
than 300 feet. As part of the construction, the longitudinal girders 
were cut down to accommodate the platforms and new cross and 
longitudinal girders, with supporting columns, were installed. The 
railway worked in conjunction with the engineers of the Depart- 
ment of Public Utilities to facilitate the construction while main- 
taining regular train service. The railway also installed the fare- 
collecting and other equipment in the station. 

Lincoln Power Station 

During 1932 improvements were completed in Lincoln power 
station which, with accompanying sub-station and transmission 
cable developments, made possible the complete abandonment of 
direct current generation. These improvements were authorized by 
the Board of Trustees on January 21, 1931. A new 35,000-kilowatt 
turbo-generator, with high pressure steam boilers and the necessary 
mechanical and electrical auxiliaries, was installed. The 25,000- 
kilowatt turbine unit installed earlier in Lincoln power station was 
reconditioned for use with steam at 450 pounds per square inch 
pressure, the pressure furnished by the new boilers. These boilers 
are fired with pulverized coal. 

North Station Sub-station 

Closely related to the improvements at Lincoln power station 
was the putting into commission of North station sub-station, a new 



16 

6,000-kllowatt, automatically controlled sub-station on leased prop- 
erty on Haverhill street near Causeway street. The building was 
constructed by the Boston Transit Department, the equipment 
being provided and installed by the railway. The rotary convert- 
ers, two in number and of 3,000-kilowatt capacity each, were trans- 
ferred from other points. 

Due to the completion of these improvements, Central and 
Charlestown power stations were abandoned on July 1, 1932 inso- 
far as their -further requirements for the generation of power for 
the operation of cars is concerned. 

Charlestown Yard Development 

Real estate of more than six acres in area, purchased late in 
1931, and located near the railway's Sullivan square terminal, 
Charlestown, was consolidated during 1932 with the adjoining 
George street yard to form the Charlestown yard. This lies be- 
tween Alford street and the tracks of the Boston and Maine Rail- 
road and north of Arlington avenue. The structures which could 
not be utilized have been removed and others have been remodeled 
to meet the requirements of the maintenance department. A large, 
circular, brick building originally constructed as a gasometer house 
has been reconstructed as a truck garage, oil room and welding lab- 
oratory. An office building has been rehabilitated to provide offices, 
and a lobby and toilet facilities for employees. The maintenance 
of way surface divisions, formerly located at Baldwin street, Cam- 
bridge, and Lenox street, Roxbury, were transferred to Charlestown 
yard, on July 28, 1932, with consequent operating savings. 

Bennett Street Garage 

On July 28, 1932, the Bennett street garage, purchased on Oc- 
tober 8 preceding, was opened for service. It was originally a com- 
mercial garage and repair shop, located adjacent to the Bennett 
street car house property in Cambridge. The emergency truck of 
the wire department, formerly located at Baldwin street, Cam- 
bridge, was transferred to this garage on March 2, 1932, in which 
a fireproof section was walled off to accommodate it. The larger 
part of the more than 5,000 square feet floor area is used to house 
maintenance department trucks. 

After the transfer of the emergency truck of the wire depart- 
ment from the Baldwin street location to Bennett street, and the 
transfer of division three road department equipment and head- 
quarters to Charlestown, the Baldwin street yard was closed on 
July 28, 1932. 

Salem Street Development 

The development of the railway's tract on Salem street, Med- 
ford, has continued. On November 18, 1931, the trustees authorized 
the taking down of more than one-half of the large car house built 
there in 1894. This was done in 1932. This tract of 454.000 square 
feet was originally purchased as a source of sand. As the sand was 
removed, it was replaced with cinder fill from the power plants. 



17 

The original car house, the one just reduced in size, was supple- 
mented in 1899 by another large car house, but this was removed 
in 1925. 

The car house is but one of several structures on this property, 
for which a plan of systematic development was worked out some 
years ago. A part of the plan was a lobby building and car storage 
yard, which were completed in 1923. In 1925 the first unit of the 
Fellsway bus garage was built here with a capacity for 57 buses. 
This was extended in 1931 to garage 78 buses. In 1925 a heating 
plant for the property was built on the Surrey street side of the 
tract. 

Construction of Gerrish Avenue Loop 

Early in 1932 a track loop was constructed to supplement the 
seven spur tracks previously operated in the railway's storage yard 
at Gerrish avenue and Broadway, Chelsea. The loop permits the 
turning of cars with trailers in regular service and provides for the 
trailers being backed into the storage tracks for uncoupling and 
storage during the day. The loop track was built around the boun- 
daries of the new site, leaving an area inside for another loop or for 
short spur tracks as required. 

Busway at Lechmere Station 

The extension of bus service in Cambridge centering at Lech- 
mere square made necessary last year the construction of a busway 
through the Lechmere station. Two concrete busways were con- 
structed through the station for a length of 300 feet. At the ends 
of approaches grouted granite block paving was installed, extend- 
ing beyond the curb line and involving a small amount of repaving 
in the street. Safety striping was painted on fence posts and 
columns as a warning to bus operators. 

Guild Street Shop 

The rapid transit repair and inspection shop formerly located 
at Washington and Guild streets, Roxbury, was dismantled early 
in 1932 as it had become obsolete. The main shop had been built 
in 1901 at the time that the original elevated railway was installed, 
a companion shop to the Sullivan square shop. These shops were 
at the two ends of the line as originally built. An extension of the 
Guild street shop was built in 1913 and in this shop inspection 
work was done for the following ten years. 

Car Houses Closed 

Among operating economies effected last year was the closing 
of two car houses and the transfer of their functions to other car 
houses. The Arlington Heights station was closed on November 
12, 1932 insofar as repair work is concerned. The yard tracks 
are still used, however, for storage of cars needed for early trips 
and for extra trailer service. Studies with the view of closing the 
Milton car house were in process some time ago but the actual 



18 



DERAILMENTS 
Figures refer to changes from 1919 




100% 

0.7&INCREASE 
43.05#DECREASE 
37.40/o - 

32.407o « 

54.03% « 

64.25^ - 

64.30% - 

73.60% - 

77.30% " 

79.60% " 

84.20^ •• 

89.50^ - 

9l.30# « 



700 



600 



500 



400 



300 



200 



100 



DELAYS OF 20 MINUTES OR MORE 







FOR WHICH THE KAILWA> 

WAS Responsible 


f 




















* 























































































































1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 



COMPLAINTS ABOUT EMPLOYEES 

Figures Refer to Ch anges from 1919 

142% decrease 

|l097o 
|I4.S>%» 
!22.l7o 




19 

closing did not take place until January 7, 1933. By a coincidence 
this was 35 years to a day from the date of the opening. 

Reduction in Derailments 

The railway has continued and improved its remarkable rec- 
ord in the reduction of derailments. The total number of derail- 
ments of cars in service was only 87 in 1932, as compared with 927 
in 1920. Thus, there was an average of but one derailment in four 
and one-half days last year, as contrasted with two and one-half 
derailments a day in 1920. Derailments were reduced from 97 in 
1931 to 87 in 1932, or ten per cent. 

Reduction in Delays 

In recent years there has been a large decrease in delays of 
20 minutes or longer to the service. In 1932 there were 107 delays 
for which the railway was responsible as compared with 154 delays 
in 1931, a reduction of 30 per cent. These delays include those 
caused by wire breaks or power failures, collisions, derailments 
and defective car equipment. There has been also an improvement 
in the delays for which the railway is not responsible, including 
principally the delays from fires and broken-down vehicles on the 
tracks. Delays of 20 minutes or longer of this latter class de- 
clined from 199 in 1931 to 167 in 1932, or 16 per cent. 

Reduction in Complaints 

The steady reduction in complaints against employees con- 
tinued during 1932. In that year there were 731 complaints against 
employees as compared with 892 in 1931, a reduction of more 
than 18 per cent. 

Reduction in Salaries and Wages 

A reduction of ten per cent, in the salaries of all officers and 
department heads, and a reduction of ten per cent, in the pay of 
practically all the employees not included in union or craft agree- 
ments was put in effect by the trustees on February 1, 1932. The 
executive vice president and general manager and the other general 
officers and all the department heads voluntarily proposed an ad- 
ditional ten per cent, reduction in their salaries to become effective 
on December 1, 1932. The trustees accepted this proposal and wish 
to make acknowledgment of the worthy motive which actuated it, 
one of helpfulness in a trying time. 

In 1932 the rate of wages for craft employees dropped about 
17 per cent., differing in various crafts, and this reduction was 
made in the wages paid by the railway to craft union employees. 
Building trades employees generally work for the railway at a rate 
of 12 and one-half cents per hour lower than the prevailing rate of 
wages paid by general contractors. This difference is in recognition 
of the greater regularity of employment on the railway. 



20 



Number of Employees on WeeklyP/vroll 



10,500 

10,000 
9&00 
9,000 

asoo 
aooo 

7500 



7000 











1 












































































/ 






























/ 


/ 


\ 


s 


1 






























/ 



















































































































1915 »917 1919 e 
1909 lOfc 1918 $920 



1 1923 1925 1927 1929 1931 1933 
1921 1924 1926 1928 1930 1932 



A considerable number of craft employees have been placed 
on a shorter work week in order to spread the work rather than to 
lay off employees. As of December 21, 1932, a total of 1,209 em- 
ployees were working on a three, four or five-day week. 

Rates of all classes covered by the Boston Carmen's Union 
agreement were reduced six and one-half cents an hour by agree- 
ment effective on July 1, 1932. This results in an economy to the 
railway of approximately $800,000 annually. 



Reduction in Personnel and Weekly Payroll 

The following table gives a comparison of the employees on the 
weekly payroll and the amount of the weekly payroll for the years 
1932, 1931 and 1928, the last named being the year prior to the 
term in office of the present Board of Trustees. A comparison is 
also given for the last week of each of these three years. 



Average number of 
employees on weekly 
payroll during year. 


1932 

7,182 


1931 
7,654 


Reduction 
1932 Com- 
pared with 
1931 

6.0% 


1928 
8,547 


Reduction 
1-932 Com- 
pared with 
1928 

16.0% 


Total weekly 

payroll for year $13,614,101.26 


$15,301,170.29 


11.0% 


$17,104,249.95 


20.4% 


Average number of em- 
ployees on weekly 
payroll during last 


6,636 


7,574 


12.3% 


8,149 


18.6% 


Payroll during last 


$215,198.39 


$276,954.44 


22.3% 


$298,157.40 


27.8% 



21 

Relief of Unemployed 

Toward the close of 1931 more than 91 per cent, of the rail- 
way's employees voluntarily agreed to contribute one per cent, of 
their wages or salaries for an eight-week' period, ending January 
22, 1932, to a fund for the relief of railway employees laid off be- 
cause of the loss in riding incidental to the economic depression. A 
total of $21,745.25 was thus made available. When the United 
Boston Unemployment Relief Campaign was organized practically 
80 per cent, of the employees subscribed a total of $66,029.68. 

Respectfully submitted, 

BOARD OF TRUSTEES, 

BOSTON ELEVATED RAILWAY COMPANY 

(Signed) HENRY I. HARRIMAN, Chairman 
EDWARD E. WHITING 
GEORGE B. JOHNSON 
ERNEST A. JOHNSON 
CHARLES H. COLE 

January 31, 1933. 



APPENDIXES 



25 



Appendix 1 



Lybrand, Ross Bros. & Montgomery 
Boston, Massachusetts 

To the Trustees of 
Boston Elevated Railway, 
Boston, Massachusetts. 

We have made an examination of the accounts of the Public Trustees of 
Boston Elevated Railway for the year ended December 31, 1932. 

In our opinion, the provision for depreciation of road and equipment in 
the year 1932 charged to cost of service as shown in the accompanying schedule 
of operating expense accounts and determined in accordance with the policy 
of accounting previously adopted by the trustees is fair and reasonable, but 
the amount of accrued depreciation appearing in the balance sheet is 
inadequate. 

We certify that the accompanying general balance sheet as at December 
31, 1932 and income statement for the twelve months ended December 31, 
1932, in our opinion, subject to the comment in the preceding paragraph, set 
forth the financial position of Boston Elevated Railway at that date and the 
results of operations for the year then ended. 



(Signed) Lybrand, Ross Bros. & Montgomery. 



Boston, Massachusetts 
January 30, 1933. 



26 



Appendix 2 



General Balance Sheet 



Assets 


Dec. 31, 1932 


Dec. 31, 1931 


Investments 
Road and Equipment: 

Way and Structures 


$61,460,996.28 

30,649,488.70 

15,391,820.09 

1,934,518.45 

5,745.85 


$61,415,790.99 


Equipment 


30,751,107.71 


Power . 


18,471 952.71 


General and Miscellaneous 

Unfinished Construction 


> 
1,912,001.73 


Miscellaneous Physical Property 

Other Investments: 


$109,442,569.37 
$758,378.08 

$2,501.00 
347,685.00 
274,682.50 

188,661.78 


$112,550,853.14 
$762,533.79 

$2,501.00 
568,280.27 
277,036.00 

194,923.00 


Bonds 

Notes 


Advances, Road and Equipment: 

Eastern Massachusetts Street Railway Company . 




$813,530.28 
$111,014,477.73 


$1,042,740.27 
$114,356,127.20 







27 



General Balance Sheet — Continued 



Liabilities 


Dec. 31, 1932 


Dec. 31, 1931 


Stock 










Capital Stock: 
















$23,879,400.00 


$23,879,400.00 


Premium on Capital Stock: 
















2,707 428.13 


2,707,428.13 




$26,586,828.13 


$26,586,828.13 


Long Term Debt 










Funded Debt Unmatured: 










Miscellaneous Obligations: 










4% 30 yr. W. E. St. Ry. Co. Bonds, 


Due Aug. 1, 


1932 




$5,709,000.00 


5% 20 yr. W. E. St. Ry. Co. Bonds, 


due Nov. 1, 


1932 




600,000.00 


6% 10 yr. Boston Elev. Ry. Bonds, 


due June 1, 


1933 


$3,000,000.00 


3,000,000.00 


6% 10 yr. Boston Elev. Ry. Bonds, 


due Mar. 1, 


1934 


2,098,000.00 


2,098,000.00 


5}-2% 10. yr. Boston Elev. Ry. Bonds, 


due Aug. 1, 


1934 


1,581,000.00 


1,581,000.00 


4% 30 yr. Boston Elev. Ry. Bonds, 


due May 1, 


1935 


8,500,000.00 


8,500,000.00 


5% 20 yr. W. E. St. Ry. Co. Bonds 


due May 1, 


1936 


815,000.00 


815,000.00 


5% 10 yr. Boston Elev. Ry. Bonds, 


due Feb. 1, 


1937 


6,511,000.00 


6,511,000.00 


4J4% 30 yr. Boston Elev. Ry. Bonds 


due Oct. 1, 


1937 


4,800,000.00 


4,800,000.00 


5% 10 yr. Boston Elev. Ry. Bonds, 


due July 1, 


1940 


1,200,000.00 


1,200,000.00 


4^% 30 yr. Boston Elev. Ry. Bonds, 


due Nov. 1, 


1941 


5,000,000.00 


5,000,000.00 


5% 30 yr. Boston Elev. Ry. Bonds, 


due Dec. 1, 


1942 


8,286,000.00 


8,286,000.00 


5% 30 yr. VV. E. St. Ry. Co. Bonds, 


due Mar. 1, 


1944 


2,600,000.00 


2,600,000.00 


7% 30 yr. W. E. St. Ry. Co. Bonds, 


due Sept. 1, 


1947 


570,000.00 


570,000.00 


6H% 25 yr. Boston Elev. Ry. Bonds, 


due Aug. 1, 


1957 


6,309,000.00 





6% 40 yr. Boston Elev. Ry. Bonds, 


due Aug. 14, 


1971 


21,000,000.00 


21,000,000.00 


6% 40 yr. Boston Elev. Ry. Bonds, 


due Sept. 14, 


1971 


2,000,000.00 


2,000,000.00 


6% 40 yr. Boston Elev. Ry. Bonds, 


due July 26, 


1972 


430,917.00 





Total Long-Term Debt .... 


$74,700,917.00 


$74,270,000.00 









28 



General Balance Sheet — Continued 



Assets 


Dec. 31, 1932 


Dec. 31, 1931 


Current Assets 


$696,237.25 

$361,208.75 

1,753.15 


$1,178,403.20 


Special Deposits: 

Reserve Fund, Chap. 159, Spec. Acts, 1918 . . 


$359,133.75 
1,265.73 




$362,961.90 

$450.00 

132,823.95 

1,920,251.52 

13,063.93 

39,530.50 


$360,399.48 

$500.00 

218,436.73 

1,996,198.66 

7,095.91 

44,180.00 


Interest, Dividends and Rents Receivable .... 






$3,165,319.05 
757,550.00 


$3,805,213.98 


Deferred Assets 


802,550.00 


Unadjusted Debits 
Rents and Insurance Premiums Paid in Advance 


$757,550.00 

$18,988.00 
$469,156.10 

1,775 338.80 
99,307.78 


$802,550.00 

$72,183.00 
$290,071.27 


Other Unadjusted Debits 

Cost of Service deficit advanced by Commonwealth 




64,664.68 


Total Other Unadjusted Debits 


$1,874,646.58 

$2,362,790.68 

$117,300,137.46 


$64,664.68 

$427,818.95 

$119,391,710.13 





29 



General Balance Sheet — Concluded 



Liabilities 



Current Liabilities 

Loans and Notes Payable 

Audited Accounts and Wages Payable 

Matured Interest, Dividends and Rents Unpaid . 
Accrued Interest, Dividends and Rents Payable: 

Accrued Interest on Funded Debt 

Accrued Interest on Loans and Notes Payable . 

Accrued Rent of Leased Roads 

Accrued Rent of Subways, Tunnels & R. T. L. 

Total Accrued Interest, Dividend and Rents 

Payable 

Total Current Liabilities 

Deferred Liabilities 
Other Deferred Liabilities 

Total Deferred Liabilities 

Unadjusted Credits 

Tax Liability 

Premium on Funded Debt 

Operating Reserves: 

Injury and Damage Reserve 

Total Operating Reserves 

Accrued Depreciation — Road and Equipment . 
Other Unadjusted Credits: 

Outstanding Tickets and Tokens 

Amount advanced by Commonwealth of Massachu- 
setts for deficit in Cost of Service .... 

Unredeemed Preferred Stocks 

Other Unadjusted Credits 

Total Other Unadjusted Credits 

Total Unadjusted Credits 

Corporate Surplus 

Profit and Loss 

Prior to July 1, 1918 

Year Ended June 30, 1931 

Since July 1, 1918 (Except Year Ended June 30 
1931) 

Arising out of Consolidation with West End St. 
Ry. Co., June 10, 1922 and Reorganization July 
1, 1931 

Total Corporate Surplus 

Total Liabilities 

* Debit. 



Dec. 31, 1932 



$1,486,453.08 
$460,201.76 
$364,559.50 

$1,176,923.29 

6,091.63 

5,998.06 

104,971.88 



$1,293,984.86 
$3,605,199.20 



17,252.96 



$17,252.96 



Dec. 31, 1931 



$2,700,000.00 
$866,300.80 
$361,618.25 

$1,089,937.09 

5,998.06 
97,673.34 



$1,193,608.49 
$5,121,527.54 



16,655.18 



$16,655.18 



$696,457.47 


$465,112.29 


$68,888.16 


$89,117.54 


1,385,793.82 


1,284,013.11 


$1,385,793.82 


$1,284,013.11 


$11,283,044.52 


$14,017,226.57 


59,546.36 


145,612.71 


1,775,338.80 





87,430.00 


187,144.00 


370.472.25 


1,244.84 


$2,292,787.41 


$334,001.55 


$15,726,971.38 


$16,189,471.06 


$12,127.83* 


$7,889.46* 


1,969,473 12* 


1,969,473.12* 


1,912.949.28* 


1,372,928.22* 


557,519.02 


557,519.02 


$3,337,031.21* 


$2,792,771.78* 


$117,300,137.46 


$119,391,710.13 



30 



Appendix 3 



Income Statement 



Operating Income 

Passenger Car Revenue 

Passenger Motor Coach Revenue 

Special Car and Motor Coach Revenue .... 

Mail Revenue 

Miscellaneous Transportation Revenue .... 

Total Revenue from Transportation 

Station and Car Privileges 

Rent of Tracks and Facilities 

Rent of Equipment 

Rent of Buildings and Other Property .... 

Power 

Miscellaneous 

Total Revenue from Other Railway Operations 
Total Railway Operating Revenues .... 
Railway Operating Expenses: 

Way and Structures 

Equipment 

Power 

Conducting Transportation 

Traffic 

General and Miscellaneous 

Transportation for Investment 

Total Railway Operating Expenses .... 

Net Revenue, Railway Operations 

Taxes Assignable to Railway Operations . . 
Operating Income 



Twelve 
Months Ended 
Dec. 31, 1932 



Twelve 
Months Ended 
Dec. 31, 1931 



$22,525,370.99 

3,094,797.44 

28,170.98 

175.00 

90.00 



$25,648,604.41 

$545,803.17 
28,222.45 
13,215.41 
63,190.53 
40,269.86 
24.87 



$690,726.29 
$26,339,330.70 

2,735,760.23 
3,448,777.54 
1,836,832.97 
9,079,291.93 
6,572.19 
2,453,570.59 
fl8,377.29 



$19,542,428.16 
$6,796,902.54 
$1,404,811.28 
$5,392,091.26 



$25,674,798.04 

3,101,446.89 

35,668.70 

175.00 

75.00 

$28,812,163.63 

$758,553.49 

41,418.77 

12,878.71 
68,548.18 
70,160.42 
3,995.30 



$955,554.87 
$29,767,718.50 

3,259,282.64 

4,002,205.79 

2,092,201.37 

10,143,076.27 

22,744.49 

2,740,925.83 

f9, 688. 14 



$22,250,748.25 

$7,516,970.25 

$1,504,784.86 

6,012,185.39 



fCredit 



31 



Income Statement — Concluded 



' 


Twelve 
Months Ended 
Dec. 31, 1932 


Twelve 
Months Ended 
Dec. 31, 1931 


Non-Operating Income 

Income from Funded Securities 

Income from Unfunded Securities and Accounts . 
Income from Sinking Fund and Other Reserves . 


$26,537.49 

8,633.64 

33,396.67 

20,229.38 

365.75 


$1,332.00 
11,134.76 
51,424.49 
23,007.60 
489.95 


Deductions From Gross Income 
Rent for Leased Roads: 

Boston Elevated Railway Co. — Dividend Rental . 


$89,162.93 
$5,481,254.19 

$1,193,970.00 
46,529.75 


$87,388.80 
$6,099,574.19 

$2,134,823.50 
46,513.76 






Total Rent for Leased Roads 

Miscellaneous Rents 

Net Loss on Miscellaneous Physical Property 

Interest on Unfunded Debt 

Amortization of Discount on Funded Debt .... 
Miscellaneous Debits 


$1,240,499.75 

2,790,925.45 
4,393.16 

3,886,642.14 
59,988.96 
53,300.31 
14,949.87 


$2,181,337.26 

2,780,188.49 

4,494.43 

2,962,236.66 

11,358.48 

49,440.97 

15,463.25 






Total Deductions from Gross Income .... 
Operating Loss for Year 


$8,050,699.64 
*$2,569,445.45 


$8,004,519.54 
*$1,904,945.35 



*Debit 



32 



x^PPENDIX 4 



Operating Expense Accounts 



Twelve 
Months Ended 
Dec. 31, 1932 



Way and Structures 

Superintendence of Way and Structures 

Maintenance of Track and Roadway 

Removal of Snow and Ice 

Roadway Structures 

Signals and Interlocking Apparatus 

Telephone and Telegraph Lines 

Other Miscellaneous Way Expenses 

Maintenance of Electric Line Equipment . 

Maintenance of Buildings and Grounds 

Depreciation of Way and Structures ...... 

Total Way and Structures 

Equipment 

Superintendence of Equipment 

Maintenance of Cars and Motor Coaches . . . . 

Service Equipment 

Maintenance of Electric Equipment of Cars 

Shop Equipment 

Shop Expenses 

Miscellaneous Equipment 

Depreciation of Equipment 

Depreciation of Motor Coaches — Regular Accrual 
Depreciation of Motor Coaches — Adjustment . .. . 

Total Equipment 

Power 

Superintendence of Power 

Maintenance of Power Plant Bldgs. and Equipment 
Depreciation of Power Plant Bldgs. and Equipment 

Operation of Power Plants 

Gasoline for Motor Coaches 

Total Power 



$286,896.50 

900,551.90 

86,709.02 

74,574.82 

33,047.54 

9,720.40 

63,379.64 

208,055.63 

240,624.78 

832,200.00 



$2,735,760.23 

$147,860.45 

1,424,555.49 

36,874.63 

413,762.19 

21,001.72 

244,004.48 

62,665.59 

974,100.00 

304,500.04 

tl80,547.05 



Twelve 

Months Ended 
Dec. 31, 1931 



$3,448,777.54 

$88,369.68 
168,619.87 
383,700.00 
1,009,992.16 
186,151.26 



$1,836,832.97 



$316,398.02 

1,235,816.76 

61,942.36 

99,751.10 

31,234.86 

13,029.39 

56,356.68 

240,311.92 

338,041.55 

866,400.00 



$3,259,282.64 

$162,009.15 

1,629,517.25 

39,686.74 

466,602.03 

31,283.44 

248,794.54 

72,143.79 

1.003,200.00 

391,623.62 

f42,654.77 



$4,002,205.79 

$98,299.50 
276,294.56 
410,400.00 
1,119,509.16 
187,698.15 



$2,092,201.37 



fCredit 



33 



Operating Expense Accounts — Concluded 



Conducting Transportation 
Superintendence of Transportation . 
Pass. Car, Trainmen and Motor Coach Operators 

Advertising car and Trainmen 

Misc. Car and Motor Coach Service Employes 
Misc. Car and Motor Coach Service Expenses . 

Station Employes 

Station Expenses 

Car House and Motor Coach Garage Employes 
Car House and Motor Coach Garage Expenses . 
Operation of Signal and Interlocking Apparatus 
Operation of Telephone and Telegraph Lines . 
Other Transportation Expenses 

Total Conducting Transportation .... 

Traffic 
Traffic 

General and Miscellaneous 
Salaries and Expenses of General Officers . . 
Salaries and Expenses of General Office Clerks 
General Office Supplies and Expenses 

Law Expenses 

Relief Department Expenses 

Pensions and Gratuities 

Miscellaneous General Expenses 

Valuation Expenses 

Injuries and Damages 

Insurance 

Stationery and Printing 

Store Expenses 

Garage Expenses (Excl. Motor Coach Garages) 

Rent of Tracks and Facilities 

Rent of Equipment 

Total General and Miscellaneous .... 

Transportation for Investment 
Total Operating Expenses 



Twelve 
Months Ended 
Dec. 31, 1932 



Twelve 

Months Ended 

Dec. 31, 1931 



$1,158,400.67 

5,321,206.46 

20.17 

227,967.65 

122,876.66 

648,706.27 

193,227.00 

820,713.02 

94,004.24 

268,028.66 

11,988.11 

212,153.02 



$9,079,2»1.93 

$6,572.19 

$82,372.62 
345,760.12 
111,339.17 
42,051.79 
3,420.00 
298,497.50 
116,052.86 



934,398.10 
174,244.83 
49,982.08 
194,479.93 
64,950.66 
20,419.25 
15,601.68 



$2,453^570.59 

t$18,377.29 
$19,542,428.16 



$1,258,758.97 

6.059,955.08 

35.26 

237,718.65 

134,828.84 

676,719.17 

228,502.13 

937,878.02 

96,133.78 

278,544.67 

11,945.73 

222,055.97 



$10,143,076.27 

$22,744.49 

$92,590.29 

392,255.27 

115,607.60 

47,822.10 

3,607.50 

303,922.17 

158,660.23 

1,382.87 

1,061,835.49 

171,166.32 

65,144.86 

213,295.78 

72,170.13 

20,260.62 

21,204.60 



$2,74»,925.83 

f$9,688.14 
$22,250,748.25 



tCredit 



34 



Appendix 5 



Road and Equipment Investment 



Account 



Way and Structures 

A/c 501 Engineering and Superintendence 

502 Right of Way 

503 Other Land . . . ' 

504 Grading 

505 Ballast 

506 Ties 

507 Rails, Rail Fastenings and Joints . 

508 Special Work 

510 Track and Roadway Labor 

511 Paving 

512 Roadway Machinery and Tools .... 

513 Tunnels and Subways 

514 Elevated Structures and Foundations 

515 Bridges, Trestles and Culverts 

516 Crossings, Fences and Signs .... 

517 Signals and Interlocking Apparatus . 

518 Telephone and Telegraph Lines 

519 Poles and Fixtures 

520 Underground Conduit 

521 Distribution System 

"23 Shops, Car Houses and Garages . 

0-4 Stations, Misc. Buildings and Structures 

525 Wharves and Docks 

Total Way and Structures .... 

Equipment 

A/c 530 Passenger Cars and Motor Coaches . 

532 Service Equipment 

533 Electric Equipment of Cars 

536 Shop Equipment 

537 Furniture 

538 Miscellaneous Equipment 

Total Equipment 



Power 

A/c 539 Power Plant Buildings 

540 Sub Station Buildings 

542 Power Plant Equipment 

543 Sub Station Equipment 

544 Transmission System 

Total Power 

General and Miscellaneous 

A/c 546 Law Expenditures 

547 Interest during Construction . 

548 Injuries and Damages 

549 Taxes 

550 Miscellaneous 

Total General and Miscellaneous . 

A/c 551 Unfinished Construction 

Total Road and Equipment . . . . 



Total 
Dec. 31, 1932 



$1,771,879.54 


$1,771,879.54 


11,454,498.79 


11,450,498.79 


5,709,583.37 


5,732,677.53 


265,011.63 


265,326.32 


777,647.34 


773,511.94 


902,991.26 


901,683.61 


2,304,651.15 


2,366,725.12 


4,406,499.98 


4,404,807.45 


4,247,620.68 


4,237,533.71 


1,637,876.02 


1,654,813.03 


295,686.53 


290,729.46 


338,549.76 


322,975.13 


5,734,943.16 


5,734,943.16 


1,925,046.39 


1,927,537.45 


94,412.92 


124,148.21 


1,134,129.30 


1,111,754.87 


101,907.36 


101,711.17 


621,409.48 


629,554.27 


1,844,382.97 


1,836,372.92 


3,863,808.49 


3,919,489.13 


7,398,196.82 


7,297,919.95 


4,397,962.14 


4,326,897.03 


232,301.20 


232,301.20 


$61,460,996.28 


$61,415,790.99 



$20 
1 



,210.955.36 
,017,098.33 
,042,281.18 
699,731.63 
233,682.22 
445,739.98 



$30,649,488.70 



$3,588,886.25 

641,355.22 

6,918,874.18 

2,627,005.26 

1,615,699.18 



$15,391,820.09 



$250.00 

1,783,601.09 

7,500.00 

161,349.02 

18,181.66 



$1,934,518.45 

$5,745.85 

$109,442,569.37 



Total 
Dec. 31, 1931 



$20,091,241.33 

1,062,267.28 

8,225,537.63 

697,879.05 

219,767.84 

454,414.58 



$30,751,107.71 



$5,323,106.81 

554,210.85 

8,441,478.19 

2,544,479.67 

1,608.677.19 



$18,471,952.71 



$250.00 

1,761,084.37 

7,500.00 

161,349.02 

18,181.66 



$1,912,001.73 



$112,550,853.14 



Note : — Bold denotes credits. 



35 



Appendix 6 



Investment in Road Owned and Leased December 31, 1932 



Boston Elevated Railway 

Road and Equipment . 
Miscellaneous Physical Property 



$109,442,569.37 
758,378.08 



Total Boston Elevated Railway Investment $110,200,947.45 



Leased Lines 

Hyde Park Transportation District 

(City of Boston) .... 

Eastern Mass. St. Ry. Co. (Part Leased) 

Old Colony Lines, West Roxbury 

Boston & Northern Lines, East 

Boston 

Boston & Northern Lines, Mid- 
dlesex Fells Line .... 
Expenditures for Additions and 
Betterments 



Total Eastern Mass. St. Ry. Co. 
Total Leased Lines 



72,847.44 
34,980.72 
29,546.01 



188,661.78 



$231,099.45 



926,035.95 



1,157,135.40 



City of Boston Investment 

Boylston Subway 

Cambridge Connection 
Dorchester Tunnel .... 
Dorchester Rapid Transit Extension 
East Boston Tunnel .... 
East Boston Tunnel Extension 

Tremont Subway 

Washington Tunnel .... 

Total City of Boston Investment 

Commonwealth of Massachusetts Investment 

Cambridge Subway 



$11,457,009.24 
1,653,129.88 
12,204,258.94 
10,787,800.69 
7,233,715.95 
2,344,175.49 
4,459,012.97 
7,947,183.98 



$8,229,500.00 



Total Commonwealth of Massachusetts Investment . 
TOTAL INVESTMENT IN ROAD OWNED AND LEASED 



58,086,287.14 



8,229,500.00 
$177,673,869.99 



36 

Appendix 7 
Investment and Total Income 1897-1932 



Year Ended 



Dec. 31, 1932 
Dec. 31, 1931 
Dec. 31, 1930 
Dec. 31, 1929 
Dec. 31, 1928 
Dec. 31, 1927 
Dec. 31, 1926 
Dec. 31, 1925 
Dec. 31, 1924 
Dec. 31, 1923 
Dec. 31, 1922 
Dec. 31, 1921 
Dec. 31, 1920 
Dec. 31, 1919 
Dec. 31, 1918 
Dec. 31, 1917 
June 30, 1916 
June 30, 1915 
June 30, 1914 
June 30, 1913 
June 30, 1912 
June 30, 1911 
Sept. 30, 1909 
Sept. 30, 1908 
Sept. 30, 1907 
Sept. 30, 1906 
Sept. 30, 1905 
Sept. 30, 1904 
Sept. 30, 1903 
Sept. 30, 1902 
Sept. 30, 1901 
Sept. 30, 1900 
Sept. 30, 1899 
Sept. 30, 1898 
Sept. 30, 1897 



Total 
Investment 


Total 
Income 


Permanent 

Investmem 

Per $1 of 

Total 

Income 


$177,673,869.99 


$26,428,493,03 


$6.72 


175,553,658.23 


29,855,107.30 


5.88 


175,045,256.41 


32,510,721.17 


5.38 


175,224,091.62 


34,096,623.03 


5.14 


172,486,669.04 


34,843,147.51 


4.95 


163,901,383.91 


35,193,410.03 


4.67 


159,025,141.62 


35,481,313.38 


4.48 


156,474,884.41 


34,547,379.61 


4.53 


155,490,852.91 


34,175,319.61 


4.54 


149,001,108.85 


34,096,813.26 


4.37 


143,345,873.68 


32,699,176.37 


4.38 


141,345,133.42 


33,277,025.53 


4.25 


139,156,058.00 


34,031,636.44 


4.09 


138,117,974.50 


29,498,582.82 


4.68 


134,181,073.47 


21,062 962.82 


6.37 


121,807,319.67 


19,818,407.01 


6.15 


117,116,007.58 


18,781,327.74 


6.24 


113,166,182.04 


17,888,549.64 


6.33 


106,990,919.12 


17,785,978.25 


6.02 


105,019,587.59 


16,968,328.33 


6.19 


101,864,058.69 


16,522,542.00 


6.17 


92,904,910.27 


15,980,707.94 


5.81 


81,592,634.49 


14,493,853.13 


5.63 


70,957,716.76 


14,074,696.51 


5.04 


65,979,896.07 


14,011,167.72 


4.71 


59,873,910.46 


13,634,612.49 


4.39 


57,187,809.61 


12,741,569.30 


4.49 


51,886,524.39 


12,436,593.79 


4.13 


48,398,610.91 


12,019,371.26 


4.03 


46,466,591.31 


11,321,030.13 


4.10 


44,087,939.53 


10,869,496.33 


4.06 


37,793,501.62 


10,236,994.49 


3.69 


33,187,250.79 


9,756,136.25 


3.40 


31,251,811.90 


9,257,252.94 


3.38 


25,291,913.22 


8.719.031.78 


2.90 



The permanent investment represents the actual money expended for property operated, owned and 
leased, including subways, tunnels and rapid transit lines owned by the City of Boston and Commonwealth 
of Massachusetts. 



37 
Appendix 8 

Capital Outstanding December 31, 1932 
COMMON STOCK 



No. 

Shares 
Outstanding 


Par Value 

Shares 
Outstanding 


Net 
Premium 


Amount 
Realized 


Date of 
Approval by 
Commission 


Yearly 
Dividend 


Dividends 
Payable 


5,000 
95,000 
33,000 
66,500 
39,294 


$500,000.00 
9,500,000.00 
3,300,000.00 
6,650,000.00 
3,929,400.00 


$1,815,000.00 
695,058.13 

196,470.00 


$500,000.00 
9,500,000.00 
5,115,000.00 
7,345,958.13 
4,125,870.00 


July 26, 1897 
July 6, 1900 
Aug. 22, 1902 
Dec. 18, 1908 
Dec. 6, 1912 




I Jan. ] 


238,794 


$23,879,400.00 


$2,707,428.13 


$26,586,828.13 


5%— $1,193,970.00 j 'ju\y 1 
1 Oct. 1 



OUTSTANDING FUNDED DEBT 



Par 

Value 


Rate 


Maturity 


Net Pre- 
mium or 
Discount 


Amount 
Realized 


Date of 
Approval by 
Commission 


Yearly 
Interest 


Co. 


$3,000,000.00 


6 


% 


June 


1, 


1933 


* $180,000.00 


$2,820,000.00 


May 


10, 


1923 


$180,000.00 


B. E. 


2,098,000.00 


6 


% 


Mar. 


1, 


1934 


24,315.82 


2,122,315.82 


Feb. 


15, 


1924 


125,880.00 


B. E 


1.581,000.00 


5V2% 


Aug. 


1, 


1934 


•5,027.58 


1,575,972.42 


June 


19, 


1924 


86,955.00 


B. E. 


7,500,000.00 


4 


% 


May 


1, 


1935 


276,900.00 


7,776,900.00 


Apr. 


7, 


1905 


300,000.00 


B. E. 


1,000,000.00 


4 


% 


May 


1, 


1935 


•55,000.00 


945,000.00 


June 


15, 


1907 


40,000.00 


B. E. 


tl, 926,000.00 


5 


% 


Feb. 


1, 


1937 


•23,131.26 


1,902,868.74 


Mar. 


2 


1925 


96.300.00 


B. E. 


f2, 700,000.00 


5 


% 


Feb. 


1, 


1937 


•32,427.00 


2,667,573.00 


Dec. 


9, 


1926 


135.000.00 


B. E. 


11,885,000.00 


,) 


% 


Feb. 


1, 


1937 


•7,426.90 


1,877,573.10 


Dec. 


9, 


1926 


94,250.00 


B. E. 


4,800.000.00 


41 


/•i% 


Oct. 


1, 


1937 


•29.585.04 


4,770,414.96 


June 


15, 


1907 


216,000.00 


B. E. 


f1 .200,000.00 


5 


% 


Tulv 


1, 


1940 


•19,200.00 


1,180.800.00 


May 


14, 


1930 


60,000.00 


B. E. 


5.000,000.00 


Ws 


Nov. 


1, 


1941 


•100,000.00 


4,900,000.00 


Oct. 


17, 


1911 


225.000.00 


B. E. 


4,003,000.00 


5 


% 


Dec. 


1, 


1942 


*80,000.00 


3,920,000.00 


Dec. 


6, 


1912 


200,000.00 


B. E. 


1,000,000.00 


5 


% 


Dec. 


1, 


1942 


*78,940.00 


921.060.00 


May 


27 


1914 


50.000.00 


B. E. 


3,286,000.00 


5 


% 


Dec. 


1, 


1942 


*261,779.76 


3,024,220.24 


Nov. 


9, 


1915 


164,300.00 


B. E. 


ttfi.309,000.00 


6%% 


Aug. 


1, 


1957 


•220,815.00 


6,088,185.00 


July 
Oct. 


12, 

18, 


1932 
1932 


410,085.00 


B. E. 


21,000,000.00 


6 


% 


Aug. 


14. 


1971 





21.000,000.00 


* * 


* 




1,260,000.00 


B. E. 


2,000,000.00 


6 


% 


Sept. 


H 


1971 


— 


2,000,000.00 


* * 


* 




120,000.00 


B. E. 


430,917.00 


(5 


% 


July 


26, 


1972 


— 


430,917.00 


# * 


* 




25,855.02 


B. E. 


$70,715,917.00 


•$792,116.72 


$69,923,800.28 


$3,789,625.02 


B. E. 


815,000.00 


5 


% 


May 


1, 


1936 


5,786.50 


820,786.50 


Apr. 

(Feb. 
1 Apr. 


6, 
4, 


1916 
1914 


40,750.00 
130,000.00 


W. E. 
W. E. 


2,600,000.00 





% 


Mar. 


1, 


1944 


112.832.07 


2,712,832.07 


14, 


1914 






















( Aug. 
} Sept. 


H 


191? 


39,900.00 


W. E. 


570,000.00 


7 


% 


Sept. 


1, 


1947 


399.00 


570,399.00 


4, 


1917 






$3,985,000.00 


$119,017.57 


$4,104,017.57 


$210,650.00 




$74,700,917.00 


•$673,099.15 


$74,027,817.85 


$4,000,275.02 





•Discount. 

^Redeemable on any interest date @ $101. 
'••Authorized by Section 4, Chapter 333, Acts of 1931. 
ttSinking Fund Bonds. Callable for Sinking Fund after Aug. 
Aug. 1, 1934 @ $105.00. 



1, 1935 @ $102.50. General call after 



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42 



Appendix 11 



Comparative Division of Receipts and Expenditures for Years Ended Dec. 31. 





1932 


1931 


1930 


1929 


1928 


Operating Expenses: 

Material and other Items 
Injuries and Damages 
Depreciation .... 
Fuel (incl. Gasoline for 


$26,428,493.63 

$13,390,232.57 

2,193,922.34 

773,076.59 

2,313,952.99 

871,243.67 


$29,855,107.30 

$15,039,762.49 

2,739,629.21 

875,302.98 

2,628,968.85 

967,084.72 


$32,510,721.17 

$15,865,649.37 

2,778,098.93 

917,354.53 

2,839,342.46 

1,127,529.39 


$34,096,623.03 

$16,093,870.85 
2,770,526.62 
1,010,378.57 
2,878,054.52 

1,271,916.67 


$34,843,147.51 

$16,646,421.20 
3,008,221.56 
1,306,882.63 
2,671,141.73 

1,267,521.57 


Total Operating Expenses 

Subway, Tunnel and R. T. 

Interest on Bonds and Notes 
Miscellaneous Items . 


$19,542,428.16 

1,404,811.28 
1,193,970.00 

2,790,925.45 

3,946,631.10 

119,173.09 


$22,250,748.25 

1,504,784.86 
2,134,823.50 

2,780,188.49 

2,973,595.14 

115,912.41 


$23,527,974.68 

1,686,950.55 
3,081,309.37 

2,775,244.49 

2,455,374.66 

118,506.23 


$24,024,747.23 

1,619,962.88 
3,089,528.26 

2,650,371.31 

2,495,850.19 

122,090.52 


$24,900,188.69 

1,721,678.45 
3,095,606.87 

2,389,354.11 

2,557,565.53 

138,702.84 


Total Cost of Service . 


$28,997,939.08 
$2,569,445.45 


$31,760,052.65 
$1,904,945.35 


$33,645,359.98 
$1,134,638.81 


$34,002,550.39 
$94,072.64 


$34,803,096.49 
$40,051.02 



Note: — Profit and Loss Items not included -in above. 



43 



Appendix 12 



Traffic Statistics, Years Ended December 31 





1932 


1931 


1930 


1929 




6,730,221 


7,102,373 


7,453,801 


7,361,738 




$25,648,339.41 


$28,811,913.63 


$31,415,746.94 


$32,885,587.94 


Passenger revenue per mile (cents) 


50.10c 


53.80c 


56.04c 


58.01c 


Passenger revenue per hour 


$5,112 


$5.43 


$5.66 


$5.86 


Passenger revenue mileage . . 


51,195,300* 


53,553,817* 


56,060,874* 


56,684,985* 


Passenger revenue hours .... 


5,016,952 


5,303,580 


5,548,253 


5,613,300 


Revenue passengers carried . . 


291,753,825 


324,788,577 


342.694,905 


354,214,990 


Revenue passengers carried per mile 


5.699 


6.065 


6.113 


6.249 


Revenue passengers carried per hour 


58.15 


61.24 


61.77 


63.10 



Tncluding Motor Coach Mileage. 



1932 
1931 
1930 
1929 



8,896,143 
8,771,384 
7,813,467 
7,138,386 



Appendix 13 



Comparative Passenger Statistics — Revenue Passengers Carried 



Year 


Week Day 

Average 


Saturday 
Average 


Sunday 
Average 


Holiday 
Average 


Total for 
Year 


1932 

1931 

1930 

1928 

1927 

1926 

1925 . 

1924 

1923 


870,865 
971,487 
1,025,036 
1,049,304 
1,067,980 
1,079,087 
1,086,544 
1,066,317 
1,109,861 
1,109,274 


879,000 
997,669 
1,050,111 
1,123,058 
1,143,250 
1,166,933 
1,191,342 
1,172,871 
1,216,132 
1,196,301 


421,070 
460,564 
488,101 
518,093 
539,813 
555,326 
576,701 
577,200 
630,755 
652,404 


504,983 
558,262 
590,810 
602,071 
631,916 
661,840 
666,258 
660,007 
727,191 
758,915 


291.703,825 
324,7S8,577 
342,694,905 
354,214,990 
362,005,033 
366,938,908 
371,218,401 
365,036,286 
382,888,848 
382,149,697 



44 



Appendix 14 



Ratio of Maintenance and Depreciation to Total Income, Per Cent. 



Year Ended 



December 31, 1932 
December 31, 1931 
December 31, 1930 
December 31, 1929 
December 31, 1928 
December 31, 1927 
December 31, 1926 
December 31, 1925 
December 31, 1924 
December 31, 1923 



Total Income 


Maintenance 
and Depreciation 


Per Cent 


$26,428,493.63 


$6,661,106.46 


25.20 


29,855,107.30 


7,903,344.74 


26.47 


32,510,721.17 


8,311,029.03 


25.56 


34,096,623.03 


8,284,093.66 


24.29 


34,843,147.51 


8,595,987.73 


24.67 


35,193,410.03 


8,639,138.59 


24.55 


35,481,313.38 


8,977,312.93 


25.30 


34,547,379.61 


8,381,452.23 


24.26 


34,175,319.61 


8,694,550.21 


25.44 


34,096,813.26 


7,977,110.77 


23.40 



Total income includes, in addition to car fares collected, receipts from advertising privileges, news 
stands and station privileges, rentals and income from various miscellaneous sources. 



Appendix 15 



Comparative Power Statistics 





1932 


1931 


1930 


1929 


1928 


Tons of coal burned . . 


150,758 


172,078 


189,894 


201,235 


204,620 


Pounds of coal per kilowatt 














1.531 


1.676 


1.764 


1.826 


1.816 


Average price of coal per long 














$4.54 


$4.52 


$4.60 


$4.79 


$4.93 


Net cost of power for car 












service per kilowatt hour 














0.787 


0.863 


0.934 


0.921 


0.928 


Net cost of power per total 












revenue car mile (cents) . 


3.761 


4.052 


4.303 


4.219 


4.134 


Direct current annual output 












(k. w.) 


220,824,200 


230,467,400 


241,729,260 


247,473,090 


252,346,905 



45 



Appendix 16 



Basis of the 1932 Loan Assessment on Cities and Towns 
Chapter 159, Special Acts 1918, as Amended 



Cities and Towns 



Boston 

Cambridge 

Somerville 

Rrookline 

Maiden 

Mcdford 

Everett 

Watertown 

Arlington 

Belmont . 

Chelsea 

Newton 

Miltnn 

Totals 



Per Cent 


Amount 


66.3766 


$1,178,409.53 


8.4367 


149,780.01 


6.3690 


113,071.33 


3.7385 


66,371.04 


3.1137 


55,278.72 


2.9981 


53,226.43 


2.0768 


36,870.24 


1.9601 


34,798.42 


1.5549 


27,604.74 


1.0046 


17,835.05 


.9437 


16,753.87 


.7911 


14,044.71 


.6362 


11,294.71 


100.00% 


$1,775,338.80 



Based on traffic counts made July 15, 16, 17, 18, 1932, in accordance with the provisions of 
Section 14, Chapter 159, Special Acts 1918. 

Expense to Commonwealth of Massachusetts of financing loan $8,261.20, to be assessed to 
cities and towns pro rata on above percentages. 



46 



Appendix 17 



Passenger Cars and Motor Coaches Owned 
Surface Cars 





1932 


1931 


1918 


Semi-convertible cars — Type No. 1 — No. 4A3 
Semi-convertible cars — Type No. 5 


267 
471 
396 
220 


267 
471 
396 
220 


453 

100 


Trailer Cars 


174 


Box cars 


1 

177 

1,113 


Open cars 


1,354 








1,354 


1,354 


3,372 



Rapid Transit Cars 



Elevated cars, wood and steel 

Elevated cars, steel 

Cambridge-Dorchester Tunnel cars, steel 
East Boston Tunnel Cars, Steel . 



Total Rapid Transit Cars 



— 


— 


169 


325 


325 


162 


155 


155 


60 


48 


48 


— 


528 


528 


391 



Motor Coaches 



Mechanical Drive 

25 Passenger Motor Coaches 

29 Passenger Motor Coaches 

31 Passenger Motor Coaches 

33 Passenger Motor Coaches 

37 Passenger Motor Coaches 

38 Passenger Motor Coaches 

39 Passenger Motor Coaches 

40 Passenger Motor Coaches 
44 Passenger Motor Coaches 

Total Mechanical Drive 

Gas Electric 

29 Passenger Motor Coaches 

35 Passenger Motor Coaches 

36 Passenger Motor Coaches 

37 Passenger Motor Coaches 

Total Gas Electric Drive 
Total Motor Coaches . 



52 


66 


126 


125 


1 


1 


1 


1 


12 


12 


1 


1 


56 


41 


86 


83 


10 


— 



Total Passenger Cars and Motor Coaches Owned 



345 



2,274 



330 



1 


2 


15 


15 


16 


16 


15 


15 


47 


48 


*392 


*378 



2,260 



3,763 



*In addition the Boston Elevated Railway operated one leased 44 passenger coach. 



B. L. Grimes Printing Co., 368 Congress St., Boston 



Fifteenth 



Annual Report 



OF THE 



PUBLIC TRUSTEES OF THE BOSTON 
ELEVATED RAILWAY 



FOR THE 

Year Ended December 31, 1933 


















*#*._,* 









% e* 




Fifteenth 

Annual Report 



OF THE 



PUBLIC TRUSTEES OF THE BOSTON 
ELEVATED RAILWAY 



FOR THE 

Year Ended December 31, 1933 



BOARD OF TRUSTEES 



(Appointed by the Governor of Massachusetts pursuant to Chapter 159 

of the Special Acts of 1918) 

HENRY I. HARRIMAN, Chairman 



CHARLES H. COLE 
GEORGE B. JOHNSON 



ERNEST A. JOHNSON 
EDWARD E. WHITING 



OFFICERS 

(Appointed by the Trustees) 



EDWARD DANA 

HENRY L. WILSON 
JOHN H. MORAN 
H. WARE BARNUM . 
MAURICE P. SPILLANE 



Executive Vice-president 
and General Manager 
Treasurer 
General Auditor 
General Counsel 
General Attorney 



REPORT OF THE BOARD OF PUBLIC TRUSTEES 



OF THE 



BOSTON ELEVATED RAILWAY 



TABLE OF CONTENTS 



Data of operation . 

Safety 

Motor coach service . 

Plant changes . 

Arbitration award . 

National Recovery Act 

Maturing Bonds 



Page 
5 
10 
10 
11 
12 
12 
12 



Tables in the Text 

Monthly comparison of passengers carried 1933 with 1932, 
percentage basis 

Basic data for period of public control . 

Revenue passengers carried by comparable railways 

Reduction in collision accidents since 1926 

Reduction in industrial accidents since 1926 . 



5 
6 
9 

10 
10 



Graphs in the Text 

Fixed charges per year .... 
Allocation of cost of service per passenger 
Revenue-miles per year .... 
Comparison of accidents in 1926 and 1933 
Average employees on weekly payroll . 



7 

8 

9 

11 

12 



Appendixes 

1. Public accountants' certification 

2. General balance sheet . 

3. Income statement 

4. Operating expense accounts . 



17 

18 
22 
24 



5. Road and equipment investment 26 

6. Investment in road owned and leased December 31, 

1933 27 

7. Investment and total income 1897-1933 . . . 28 

8. Capital outstanding December 31, 1933 .... 29 

9. Revenue passengers carried — 1897 to 1933 ... 30 

10. Revenue mileage— 1898 to 1933 32 

11. Comparative division of receipts and expenditures for 

years ended December 31, 1929 to 1933 ... 34 

12. Traffic statistics, years ended December 31, 1930 to 

1933 35 

13. Comparative passenger statistics — revenue passengers 

carried 1924 to 1933 35 

14. Ratio of maintenance and depreciation to total income, 

per cent. 1924 to 1933 36 

15. Comparative power statistics 1929 to 1933 . . . 36 

16. Loan assessments on cities and towns — Chapter 159, 

Special Acts 1918, as amended . . . . 37 

17. Passenger cars and motor coaches owned ... 38 



REPORT OP THE BOARD OF PUBLIC 

TRUSTEES OF THE BOSTON 

ELEVATED RAILWAY 



To the Honorable Senate and House of Representatives in General 
Court Assembled : 

AGAIN, during the calendar year 1933 just ended, the public 
trustees of the Boston Elevated Railway continued their 
L efforts at reducing operating expenses of the railway to the 
lowest possible point consistent with the safety of the riding public 
and the reasonable requirements of the service. 

Thus, operating expenses for the year 1933 were $2,712,781.11 
lower than for 1932 and were lower by this amount than for any 
other calendar year of public control. In fact, operating expenses 
for 1933 were $9,246,621.06 lower than for the calendar year 1926, 
which was the year of highest revenue for the railway. 

Largely by reason of the substantial reduction in operating 
expenses and in spite of a loss in revenue of $2,274,120.54 in 1933, 
as compared to 1932, the deficit for the calendar year just ended 
was $321,515.19 less than the deficit for the year ended December 
31, 1932. 

For the calendar year 1933, the cost of service exceeded receipts 
by $2,247,930.26, whereas for 1932 the cost of service exceeded re- 
ceipts by $2,569,445.45. 

In so far as this railway's business is concerned, the six months 
from January 1, 1933 to June 30, 1933 may fairly be described, 
because of the drop in riding during this period, as the valley of the 
depression. In these six months, the deficit from operations was 
$150,805.81 greater than for the first six months of 1932. In the 
last six months of 1933, not only was the loss checked but the 
railway showed an improvement of $472,321 as compared to the 
same six months in 1932. 

The trend of riding improved considerably during the last six 
months of 1933 and this improvement accounts, in part, for the 
better showing of the railway during this period. The table below 
shows the monthly percentage loss in revenue passengers in 1933 
compared with 1932 and indicates the change in the trend of riding: 



January- 


. —13.6% 


July . 


. —6.3% 


February . 


. —15.9% 


August 


. —4.0% 


March 


. —14.4% 


September . 


. —4.2% 


April 


. —12.1% 


October 


. —3.0% 


May . 


. —7.9% 


November . 


. —2.2% 


June . 


. —8.5% 


December . 


. —1.8% 



The experience of the railway during the last six months of 
1933, when the deficit was reduced by $472,321 compared to the 
same six months in 1932, taken together with the change in the 
trend of riding, appears to justify the opinion that the deficit for 



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X 



the current trustee year, determined as of June 30, 1934, will be 
substantially reduced compared to the deficit for the preceding 
trustee year. 

For the first six months of the present trustee year, the deficit 
amounts to $1,428,777.28, compared to a deficit of $1,901,098.28 for 
the same period in the preceding trustee year. 

The table on the opposite page indicates the experience of the 
railway from the beginning of public control to the present. 

Especially to be noted is the serious decline in the riding since 
1930. Although from 1926 to 1929 there was a reduction of only 
4.58 per cent, in the number of revenue passengers carried by the 
railway, the drop from 1929 to 1933 amounted to 24.38 per cent. 
Despite the fact that the number of passengers carried in 1933 was 
24.38 per cent, lower than for 1929, and operating expenses were 
reduced 29.94 per cent, in that period, the revenue mileage repre- 
senting the service operated for the public was reduced only 18.60 
per cent. 

Also to be noted in this table is the column headed "Fixed 
Charges" which includes rental charges on the subways, rent of 
leased roads, taxes, interest on bonds and dividends on common 
stock. Certain of these fixed charges were substantially reduced by 
the passage of the 1931 Act extending public control. Others have 
increased. The net reduction of $586,662.72 in fixed charges for 
1933 as compared with 1930 represents but a small fraction of the 
loss in annual revenue of almost $8,400,000. Regardless of the use 
of the system, these fixed charges remain about the same. In this 
connection it is worthy of note that the subway rentals paid during 
the calendar year 1933 amounted to $2,790,779.35, or $542,849.09 
more than the deficit for the calendar year. 



FIXED CHARGES PER VEAR 
Figures Refer to Changes from 1919 



1919 
1920 

1921 

1922 
1923 
1924 
1925 
1926 
1927 
1928 
1929 
1930 
1931 
1932 
1333 





*7%- 



Al location or Cost of Service 

per Passenger 
12 Months Ended Dec. 31, 1933 
Average Receipts perPevenuePassenger 9.018* 
Cost of Service 9.857* per Revenue Passenger 



1919 
1920 
1911 



mi \ 



REVENUE- MILES PER VEAR 

20UDOQOOO 40.000,000 
10,000,000 30,000,000 SOOOOjOOO 



mm. 
mm 



? ■ » --. ' i ■.■■■..'. 



m 



Tzznm 



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usszss^^ 







~3 



^:,:.,,.,t,^.-,4,. 



r" ' . , : , "-i 









| MOTOR COACH 
1 RAPID TRAHSIT 



12-MAN SURFACE 
I 1-MAN SURFACE 



That the riding on the railway has held up well compared to 
the riding on comparable railways in other large cities is clearly 
evidenced by the table below. Since 1929, the percentage of loss in 
number of revenue passengers carried by the Boston Elevated Rail- 
way is smaller than for comparable railways in other large cities 
with the exception of certain railways in New York where rapid 
transit lines furnish a large percentage of the service. Moreover, 
in New York, street traffic conditions are more congested than in 
Boston and there is a large transient population. 

Revenue Passengers Carried by Comparable Railways 









Per Cent. 


City 


1929 


1933 


Reduction 


Boston 


354,214,990 


267,845,429 


24.38% 


Baltimore .... 


201,997,231 


111,205,742 


44.94 


Chicago (two largest rail- 








ways) .... 


1,096,652,556 


770,432,103* 


29.74 


Detroit . . 


392,762,266 


189,933,093 


51.64 


Indianapolis .... 


66,362,703 


43,032,100 


35.15 


Newark 


634,605,328 


378,248,474 


40.40 


New York (four largest 








railways) 


2,906,204,400 


2,422,559,053 


16.64 


Philadelphia .... 


624,140,540 


401,831,763 


35.62 


Pittsburgh .... 


251,787,459 


139,725,034 


44.50 


St. Louis .... 


242,966,093 
6,771,693,566 


128,001,340 
4,852,814,131 


47.31 


Totals 


28.33% 


Totals, excluding New York 


3,865,489,166 


2,430,255,078 


37.13% 



♦Exceptional year because of the Century of Progress Exposition. 



10 



Safety 

During 1933 the railway, largely through the active co-opera- 
tion of the employees, continued to improve its record in safe- 
guarding the riding public and the railway's employees, a record 
which for the last seven years has become enviable throughout the 
local transportation industry. 

Below is a table showing the reduction since 1926 in the num- 
ber of all collision accidents : 









All Collisions 


All Collisions 




Involving 


Involving 




Street Cars 


Motor Coaches 


Total 


1926 .... 8,725 


1,521 


10,246 


1927 








7,016 


1,293 


8,309 


1928 








5,746 


1,053 


6,799 


1929 








4,885 


1,214 


6,099 


1930 








4,116 


1,068 


5,184 


1931 








3,741 


1,286 


5,027 


1932 








3,034 


1,012 


4,046 


1933 








2,763 


962 


3,725 



From 1926 to 1933 collision accidents have been reduced from 
10,246 to 3,725, a reduction of 63.6 per cent, in number and of 53.4 
per cent, upon a mileage basis. 

Since 1928 all rapid transit motormen have been given an an- 
nual physical examination and all other transportation employees 
40 years of age or over have been examined annually. The physical 
condition of transportation employees has a direct relationship to 
the safety of the riding public. During the last six years 15,739 
physical examinations have been conducted at the employment 
office, of which 2,721 were made during 1933. 

The persistent effort to reduce industrial accidents continues 
to meet with success. The table below shows the large decrease in 
these accidents since 1926, a reduction from 1,465 in 1926 to 565 
in 1933, a reduction of 900, or 61.4 per cent. 





Total Number of 




Injuries and Deaths 


1926 


. 1,465 


1927 


1,414 


1928 


. 1,121 


1929 


921 


1930 


852 


1931 


835 


1932 


698 


1933 


565 



From the above figures it is apparent that again in 1933, as in 
the six preceding years, noteworthy progress has been made in the 
safe conveyance of the travelling public, a primary function of 
transportation, and in the protection of employees from industrial 
accidents. 

Motor Coach Service 

Each year since 1922 the use of motor coaches has extended. 
During 1933 the miles of round trip motor coach routes increased 
from 491 to 556 miles, or 13 per cent. In the year just ended, more 



11 



ACCIDENTS IN 1926 AND 1933 COMPARED 

AREA Or C/RCLE SHOWS AU/M&ER /N /S26 

Shaded sector shows humber /h /S33 

WH/TE SECTOR SHOWS REDUCT/Off 

Fk-Total coll/s/ohs wir/f 

HO/V-RA/LWAY VEH/CLES 

B-Col/./3/ohs nr/TR 

REDESTR/AHS 

O-COLL/S/OHS W/Tff 
OTHER BE.WULWAY V£W/Cl£S 

80 %C\ D " *B*MJWfT8 

d mJ 




than 19 per cent, of the total mileage was operated by means of 
motor coaches. During the year 37 new motor coaches of the 
modern metropolitan type were purchased. At the end of 1933 the 
railway had 381 motor coaches of which 246 were of this modern 
type. We believe that the latest additions to the railway's fleet of 
motor coaches serve the public's convenience and comfort in a 
highly satisfactory manner, and thus attract patronage. 

Several new motor coach routes were inaugurated during 1933, 
of which the most important follow : 

Between Kenmore square and Brookline Village, 

completing a through route between Kenmore square and 

Chestnut Hill; 

Between Ashmont station and the intersection of 

River and Standard streets; 

Between Linden and the Everett car house. 

Several motor coach routes supplanted surface car routes in 
night service. 

Plant Changes 

During 1933, because of the strict economy practiced, no plant 
changes of major importance were authorized. Numerous minor 
changes were made, however, which directly or indirectly improved 
the service or offered opportunities for relatively large immediate 
and future economies in the operation of the railway. 

Between Maverick and Atlantic stations in the East Boston 
tunnel, all the third rail insulators, 1,600 in number, were renewed 
and new ballast was installed in order to eliminate, in so far as 
possible, the ignition of insulators and the obnoxious smoke there- 
from. 

In order to effect economies in operation, three car houses were 
closed during the year. They were: 

Milton car house closed on January 7 ; 

North Cambridge car house closed on April 1 ; and 

Cypress street car house closed December 2. 

The shop at Forest Hills for the inspection of main line ele- 
vated trains was closed on April 1. 



12 



11,000 
10.000 
9.000 

aooo 

7,000 
6,000 
5,000 
4.000, 8 




CMPT33 




























































































































































































































































"Average Employees onweekivPayroll 

(except in 1909, Temporary laborers Not included) 




















































m "11 '13 '15 '»7 '19 '21 "23 '25 '27 '29 '31 '33 
'10 '12 '14 '16 '18 '20 '22 '24 '26 '28 '30 '32 



During 1932 and 1933 equipment was installed on about 100 
surface cars to increase their accelerating and braking efficiency, 
thus speeding up their movement and making for economy of opera- 
tion. 

Arbitration Award 

Certain changes in wages and working conditions requested 
by the trustees of the railway and other changes requested by the 
Amalgamated Association of Street and Electric Railway Employees 
of America, Division 589, were heard by a board of arbitration 
during the summer. The board awarded an increase of two and 
one-half cents per hour in the rates of wages covered by the agree- 
ment and granted certain changes in working conditions requested 
by the railway which partially offset the cost of the wage increase 
awarded. The net increase in operating costs by reason of the 
award is about $200,000 annually. The member of the board ap- 
pointed by the trustees dissented from that part of the award 
relating to rates of wages. 

National Recovery Act 

On December 8, the railway signed the code of fair competition 
for the transit industry. 

The wages and hours of work of practically all railway em- 
ployees conformed with the code at the time of signing. The com- 
paratively few adjustments necessary for complete conformity with 
the code have been made. 



Maturing Bonds 

In the last annual report the trustees called attention to the 
large amount of bonds of the railway maturing in the next few 
years and recommended legislation whereby these bonds would be 
refunded through the medium of the credit of the Boston Metro- 
politan District. 



13 

In May of last year, the Legislature passed an Act authorizing 
the District to issue notes or bonds for terms of not longer than 
three years to refund the issue of $3,000,000 maturing on June 1, 
1933 and the issue of $2,098,000 maturing on March 1, 1934. The 
District issue of $3,000,000 on June 1, 1933 was for three and one- 
half per cent, bonds and was sold at $99.31 resulting in a net 
interest rate on the bonds of three and three-quarters per cent. On 
the basis of negotiations with respect to the refinancing of maturing 
bonds by the railway itself that were conducted prior to the 
passage of the legislative Act, we believe that on a conservative basis 
of estimate its passage is enabling the railway, and the taxpayers, 
to save from $75,000 to $90,000 annually for three years. 

At the last session, the Legislature appointed a recess com- 
mittee to study various problems relating to the railway, including 
the question of what provision should be made with respect to 
refunding of maturing obligations. The report of this committee 
is now before the Legislature. 

It is of the utmost importance that provisions be made for 
refunding maturing bond issues, especially those falling due in the 
next two years, through the agency of public credit in order to pro- 
tect the taxpayers from the effects of high interest rates which 
would have to be paid if the railway itself attempted to issue re- 
funding bonds to pay off these maturities. 

Respectfully submitted, 

BOARD OF TRUSTEES, 

BOSTON ELEVATED RAILWAY COMPANY 

(Signed) HENRY I. HARRIMAN, Chairman 
EDWARD E. WHITING 
ERNEST A. JOHNSON 
CHAS. H. COLE 
GEORGE B. JOHNSON 

February 1, 1934. 



APPENDIXES 



17 



Appendix 1 



Lybrand, Ross Bros. & Montgomery 
Boston, Massachusetts 



To the Trustees of 
Boston Elevated Railway: 

We have made an examination of the accounts of the Public Trustees of 
Boston Elevated Railway for the year ended December 31, 1933. 

In our opinion, the provision for depreciation of road and equipment in 
the year 1933 charged to cost of service as shown in the accompanying schedule 
of operating expense accounts and determined in accordance with the policy 
of accounting previously adopted by the trustees is fair and reasonable, but 
the amount of accrued depreciation appearing in the balance sheet is 
inadequate. 

We certify that the accompanying general balance sheet as at December 
31, 1933 and income statement for the twelve months ended December 31, 
1933, in our opinion, subject to the comment in the preceding paragraph, set 
forth the financial position of Boston Elevated Railway at that date and the 
results of operations for the year then ended. 



(Signed) Lybrand, Ross Bros. & Montgomery. 



Boston, Massachusetts 
January 29, 1934. 



18 



Appendix 2 



General Balance Sheet 



Assets 



Investments 
Road and Equipment: 

Way and Structures 

Equipment 

Power 

General and Miscellaneous 

Unfinished Construction 

Total Road and Equipment 

Miscellaneous Physical Property 

Other Investments: 

Stocks 

Bonds 

Note's 

Advances, Road and Equipment: 

Eastern Massachusetts Street Railway Company 

Total Other Investments 

Total Investments 



Dec. 31, 1933 



$60,289,863.08 

30,036,407.32 

15,422,620.95 

1,934,518.45 

49,520.31 



$107,782,930.11 
$758,904.91 



$234,031.25 
211,046.50 

188,661.78 



$633,739.53 
$109,125,574.55 



Dec. 31, 1932 



$61,460,996.28 

30,649,488.70 

15,391,820.09 

1,934,518.45 

5,745.85 



$109,442,569.37 
$758,378.08 

$2,501.00 
347,685.00 
274,682.50 

188,661.78 



$813,530.28 
$111,014,477.73 



19 



General Balance Sheet — Continued 



Liabilities 


Dec. 31, 1933 


Dec. 31, 1932 




Stock 










Capital Stock: 
















$23,879,400.00 


$23,879,400.00 


Premium on 


Capital Stock: 








Common 5 


k 






2,707,428.13 


2,707,428.13 


Total Stoc 


$26,586,828.13 


$26,586,828.13 




Bonds 








Funded Debt Unmatured: 










6% 10 yr. 


Boston Elev. Ry. Bonds, 


due June 1, 


1933 




$3,000,000.00 


6% 10 yr. 


Boston Elev. Ry. Bonds, 


due Mar. 1, 


1934 


$2,098,000.00 


2,098,000.00 


5V 2 % 10 yr. 


Boston Elev. Ry. Bonds, 


due Aug. 1, 


1934 


1,581,000.00 


1,581,000.00 


4% 30 yr. 


Boston Elev. Ry. Bonds, 


due May 1, 


1935 


8,500,000.00 


8,500,000.00 


5% 20 yr. 


W. E. St. Ry. Co. Bonds 


, due May 1, 


1936 


815,000.00 


815,000.00 


3V 2 % 3 yr. 


Boston Elev. Ry. Bonds, 


due June 1, 


1936 


3,000,000.00 




5% 10 yr. 


Boston Elev. Ry. Bonds, 


due Feb. 1, 


1937 


6,511,000.00 


6,511,000.00 


4%% 30 yr. 


Boston Elev. Ry. Bonds, 


due Oct. 1, 


1937 


4,800,000.00 


4,800,000.00 


5% 10 yr. 


Boston Elev. Ry. Bonds, 


due July 1, 


1940 


1,200,000.00 


1,200,000.00 


4y 2 % 30 yr. 


Boston Elev. Ry. Bonds, 


due Nov. 1, 


1941 


5,000,000.00 


5,000,000.00 


5% 30 yr. 


Boston Elev. Ry. Bonds, 


due Dec. 1, 


1942 


8,286,000.00 


8,286,000.00 


5% 30 yr. 


W. E. St. Ry. Co. Bonds 


due Mar. 1, 


1944 


2,600,000.00 


2,600,000.00 


7% 30 yr. 


W. E. St. Ry. Co. Bonds, 


due Sept. 1, 


1947 


570,000.00 


570,000.00 


6%% 25 yr. 


Boston Elev. Ry. Bonds, 


due Aug. 1, 


1957 


6,309,000.00 


6,309,000.00 


6% 40 yr. 


Boston Elev. Ry. Bonds, 


due Aug. 14, 


1971 


21,000,000.00 


21,000,000.00 


6% 40 yr. 


Boston Elev. Ry. Bonds, 


due Sept. 14, 


1971 


2,000,000.00 


2,000,000.00 


6% 40 yr. 


Boston Elev. Ry. Bonds, 


due July 26, 


1972 


430,917.00 


430,917.00 


Total Lon 


$74,700,917.00 


$74,700,917.00 













20 



General Balance Sheet — Continued 



Assets 


Dec. 31, 1933 


Dec. 31, 1932 


Current Assets 


$2,189,350.04 

$357,405.92 
2,983.80 


$696,237.25 


Special Deposits: 

Reserve Fund, Chap. 159, Spec. Acts, 1918 . 


$361,208.75 
1,753.15 


Total Special Deposits 

Miscellaneous Accounts Receivable 

Material and Supplies 


$360,389.72 

$300.00 

106,151.71 

1,850,547.74 

19,279.39 

39,352.00 


$362,961.90 

$450.00 

132,823.95 

1,920,251.52 


Interest, Dividends and Rents Receivable .... 
Other Current Assets 


13,063.93 
39,530.50 






Total Current Assets 


$4,565,370.60 
$544,242.50 

$113,774.00 
$444,167.29 

$1,775,338.80 

2.753,124.14 

80,665.69 


$3,165,319.05 


Deferred Assets 

Unadjusted Debits 
Rents and Insurance Premiums Paid in Advance 
Discount on Funded Debt 


$757,550.00 

$18,988.00 
$469,156.10 


Other Unadjusted Debits 

Cost of Service deficit advanced by Commonwealth 
of Massachusetts 


Year Ended June 30, 1932 ' . . 

Year Ended June 30, 1933 


$1,775,338.80 
99.307.78 


Total Other Unadjusted Debits 

Securities Issued or Assumed — Unpledged 

Bonds— B. E. Ry. Co. 6% Mar. 1, 1934 (Par) . . 

Total Unadjusted Debits 


$4,609,128.63 

$50,000.00 

$5,217,069.92 
$119,452,257.57 


$1,874,646.58 

$2,362,790.68 
$117,300,137.46 





21 



General Balance Sheet — Concluded 



Liabilities 



Current Liabilities 

Loans and Notes Payable 

Audited Accounts and Wages Payable 

Matured Interest, Dividends and Rents Unpaid . 
Accrued Interest, Dividends and Rents Payable: 

Accrued Interest on Funded Debt 

Accrued Interest on Loans and Notes Payable . 

Accrued Rent of Leased Roads 

Accrued Rent of Subways, Tunnels & R. T. L. 

Total Accrued Interest, Dividends and Rents 

Payable 

Total Current Liabilities 

Deferred Liabilities 
Total Deferred Liabilities 

Unadjusted Credits 

Tax Liability 

Premium on Funded Debt 

Injury and Damage Reserve 

Accrued Depreciation — Road and Equipment . . . 
Other Unadjusted Credits: 

Outstanding Tickets and Tokens 

Amount advanced by Commonwealth of Massachu- 
setts 

1932 Loan Assessment 

1933 Loan Assessment 

Unredeemed Preferred Stocks 

Other Unadjusted Credits 

Total Other Unadjusted Credits 

Total Unadjusted Credits 

Corporate Surplus 

Profit and Loss 

Prior to July 1, 1918 

Year Ended June 30, 1931 

Cost of Service Deficit 6 Months Ended Decem- 
ber 31 

Arising out of Consolidation with West End St. 
Ry. Co., June 10, 1922 and Reorganization July 
1, 1931 

Total Corporate Surplus 

Total Liabilities . 



Dec. 31, 1933 



$596,735.03 
$366,436.17 

$1,170,673.29 



5,998.04 
105,567.50 



$1,282,238.83 
$2,245,410.03 



$15,386.70 



$1,048,736.69 

$53,304.36 

$1,407,239.41 

$11,385,185.09 

$56,426.21 



1,775,338.80 

2,753,124.14 

15,357.00 

263,614.22 



Dec. 31, 1932 



$4,863,860.37 
$18,758,325.92 



$12,127.83' 
1,969,473.12' 

1,428,777.28* 



555,768.02 



$2,854,610.21 
$119,452,257.57 



$1,486,453.08 
$460,201.76 
$364,559.50 

$1,176,923.29 

6,091.63 

5,998.06 

104,971.88 



$1,293,984.86 
$3,605,199.20 



$17,252.96 

$696,457.47 

$68,888.16 

$1,385,793.82 

$11,283,044.52 

$59,546.36 

1,775,338.80 



87,430.00 
370,472.25 



$2,292,787.41 
$15,726,971.38 



$12,127.83* 
1,969,473.12* 

1,912,949.28* 



557,519.02 



$3,337,031.21 ' 
$117,300,137.46 



*Debit. 



22 
Appendix 3 



Income Statement 





Twelve 
Months Ended 
Dec. 31, 1933 


Twelve 
Months Ended 
Dec. 31, 1932 


Operating Income 


$23,441,419.98 

33,984.13 

175.00 

60.00 


$25,620,168.43 

28,170.98 

175.00 




90.00 


Total Revenue from Transportation .... 


$23,475,639.11 

$489,637.59 

23,277.29 

7,291.06 

55,132.70 

8,563.76 

142.96 


$25,648,604.41 

$545,803.17 
28,222.45 
13,215.41 
63,190.53 
40,269.86 




24.87 






Total Revenue from Other Railway Operations . 

Total Railway Operating Revenues 

Railway Operating Expenses: 

Way and Structures 


$584,045.36 
$24,059,684.47 

$2,480,235.45 
3,025,223.05 
1,525,551.57 
7,815,470.32 
3,094.10 
1,991,274.53 
tll,201.97 


$690,726.29 
$26,339,330.70 

$2,735,760.23 

3,448,777.54 

1,836,832.97 

9,079,291.93 

6,572.19 






Traffic 


General and Miscellaneous 

Transportation for Investment 


2,453,570.59 

118,377.29 


Total Railway Operating Expenses 

Net Revenue, Railway Operations 

Taxes Assignable to Railway Operations .... 


$16,829,647.05 
$7,230,037.42 
$1,479,247.50 
$5,750,789.92 


$19,542,428.16 
$6,796,902.54 
$1,404,811.28 
$5,392,091.26 







tCredit 



23 



Income Statement — Concluded 





Twelve 

Months Ended 

Dec. 31, 1933 


Twelve 
Months Ended 
Dec. 31, 1932 


JN'on-Operating Income 

Income from Unfunded Securities and Accounts . 
Income from Sinking Fund and Other Reserves . 

Miscellaneous Income 


$42,782.06 

7,149.81 

27,514.43 

15,583.80 

1,658.52 


$26,537.49 

8,633.64 

33,396.67 

20,229.38 

365 75 






Gross Income 


$94,688.62 
$5,845,478.54 

$1,193,970.00 
46,570.90 


$89,162.93 
$5,481,254.19 

$1,193,970.00 
46,529.75 


Deductions From Gross Income 
Rent for Leased Roads: 

Boston Elevated Railway Co. — Dividend Rental . 


Miscellaneous Rents 


$1,240,540.90 

$2,790,779,35 

9,569.04 

3,951,275.02 

37,389.87 

52,973.40 

10,881.22 


$1,240,499.75 

$2,790,925.45 


Net Loss on Miscellaneous Physical Property . . . 
Interest on Funded Debt 


4,393.16 

3,886,642.14 


Amortization of Discount on Funded Debt .... 
Miscellaneous Debits 


59,988.96 
53,300.31 
14,949.87 






Total Deductions from Gross Income .... 


$8,093,408.80 
*$2,247,930.26 


$8,050,699.64 
*$2,569,445.45 



* Debit 



24 



Appendix 4 



Operating Expense Accounts 



Way and Structures 

Superintendence of Way and Structures 

Maintenance of Track and Roadway 

Removal of Snow and Ice 

Roadway Structures 

Signals and Interlocking Apparatus 

Telephone and Telegraph Lines 

Other Miscellaneous Way Expenses 

Maintenance of Electric Line Equipment .... 

Maintenance of Buildings and Grounds 

Depreciation of Way and Structures 

Total Way and Structures 

Equipment 

Superintendence of Equipment 

Maintenance of Cars and Motor Coaches .... 

Service Equipment 

Maintenance of Electric Equipment of Cars 

Shop Equipment 

Shop Expenses 

Miscellaneous Equipment 

Depreciation of Equipment 

Depreciation of Motor Coaches — Regular Accrual 
Depreciation of Motor Coaches — Adjustment . . . 

Total Equipment 

Power 

Superintendence of Power 

Maintenance of Power Plant Bldgs. and Equipment 
Depreciation of Power Plant Bldgs. and Equipment 

Operation of Power Plants 

Gasoline for Motor Coaches 

Total Power 



Twelve 

Months Ended 

Dec. 31, 1933 



$236,369.77 

796,001.27 

120,529.87 

92,093.03 

31,793.95 

5,689.08 

42,837.04 

181,538.42 

231,912.02 

741,480.00 



$2,480,235.45 

$130,824.75 

1,093,253.25 

23,691.87 

327,394.45 

24,830.30 

209,482.13 

53,929.74 

861,720.00 

300,096.56 



$3,025,223.05 

$79,400.62 
106,085.40 
400,800.00 
762,912.88 
176,352.67 



$1,525,551.57 



Twelve 
Months Ended 
Dec. 31, 1932 



$286,896.50 

900,551.90 

86,709.02 

74,574.82 

33,047.54 

9,720.40 

63,379.64 

208,055.63 

240,624.78 

832,200.00 



$2,735,760.23 

$147,860.45 

1,424,555.49 

36,874.63 

413,762.19 

21,001.72 

244,004.48 

62,665.59 

974,100.00 

304,500.04 

tl80,547.05 



$3,448,777.54 

$88,369.68 
168,619.87 
383,700.00 
1,009,992.16 
186,151.26 



$1,836,832.97 



fCredit. 



25 



Operating Expense Accounts — Concluded 



Conducting Transportation 

Superintendence of Transportation 

Pass. Car, Trainmen and Motor Coach Operators 

Advertising Car and Trainmen 

Misc. Car and Motor Coach Service Employes 
Misc. Car and Motor Coach Service Expenses . 

Station Employes 

Station Expenses 

Car House and Motor Coach Garage Employes 
Car House and Motor Coach Garage Expenses . 
Operation of Signal and Interlocking Apparatus 
Operation of Telephone and Telegraph Lines . 
Other Transportation Expenses 

Total Conducting Transportation .... 

Traffic 
Traffic 

General and Miscellaneous 
Salaries and Expenses of General Officers . . 
Salaries and Expenses of General Office Clerks 
General Office Supplies and Expenses . . . 

Law Expenses 

Relief Department Expenses 

Pensions and Gratuities 

Miscellaneous General Expenses 

Injuries and Damages 

Insurance 

Stationery and Printing 

Store Expenses 

Garage Expenses (Excl. Motor Coach Garages) 

Rent of Tracks and Facilities 

Rent of Equipment 

Total General and Miscellaneous .... 

Transportation for Investment 
Total Operating Expenses 



Twelve 

Months Ended 

Dec. 31, 1933 



$1,016,846.26 

4,574,254.99 

12.20 

184,099.39 

107,395.48 

586,912.75 

183,818.84 

637,569.13 

80,696.61 

228,124.99 

11,220.20 

204,519.48 



$7,815,470.32 
$3,094.10 

$72,430.68 

299,671.02 

03,306.06 

54,425.63 ' 

3,420.00 

306,188.06 

106,045.04 

650,252.87 

136,251.48 • 

44,565.72 
167,562.11 
56,735.54 
15,856.68 
14,563.64 



$1,991,274.53 

f$ll,201.97 
$16,829,647.05 



Twelve 
Months Ended 
Dec. 31, 1932 



$1,158,400.67 

5,321,206.46 

20.17 

227,967.65 

122,876.66 

648,706.27 

193,227.00 

820,713.02 

94,004.24 

268,028.66 

11,988.11 

212,153.02 



$9,079,291.93 

$6,572.19 

$82,372.62 

345,760.12 

111,339.17 

42,051.79 

3,420.00 

298,497.50 

116,052.86 

934,398.10 

174,244.83 

49,982.08 

194,479.93 

64,950.66 

20,419.25 

15,601.68 



$2,453,570.59 

f$18,377.29 
$19,542,428.16 



fCredit. 



26 



Appendix 5 



Road and Equipment Investment 



Account 



Way and Structures 

A/c 501 Engineering and Superintendence 

502 Right of Way 

503 Other Land 

504 Grading 

505 Ballast 

506 Ties 

507 Rails, Rail Fastenings and Joints . 

508 Special Work 

510 Track and Roadway Labor 

511 Paving 

512 Roadway Machinery and Tools .... 

513 Tunnels and Subways 

514 Elevated Structures and Foundations 

515 Bridges, Trestles and Culverts 

516 Crossings, Fences and Signs .... 

517 Signals and Interlocking Apparatus . 

518 Telephone and Telegraph Lines 

519 Poles and Fixtures 

520 Underground Conduit 

521 Distribution System 

523 Shops, Car Houses and Garages . 

524 Stations, Misc. Buildings and Structures 

525 Wharves and Docks 

Total Way and Structures .... 



Equipment 

A/c 530 Passenger Cars and Motor Coaches . . 

532 Service Equipment 

533 Electric Equipment of Cars 

536 Shop Equipment 

537 Furniture . .' 

538 Miscellaneous Equipment 

Total Equipment 

Power 

A/c 539 Power Plant Buildings • . 

540 Sub Station Buildings 

542 Power Plant Equipment 

543 Sub Station Equipment 

544 Transmission System 

Total Power 

General and Miscellaneous 

A/c 546 Law Expenditures 

547 Interest during Construction . . 

548 Injuries and Damages 

549 Taxes 

550 Miscellaneous 

Total General and Miscellaneous . . 

A/c 551 Unfinished Construction 

Total Road and Equipment . . . . 



Total 
Dec. 31, 1933 



$1,771,879,54 

11,454,597.07 

5,710,554.70 

266,204.54 

756,781.17 

841,906.19 

2,030,547.77 

4,357,289.02 

4,114,428.91 

1,532,589.37 

295,016.61 

346,987.07 

5,734,943.16 

1,925,046.39 

' 94,412.92 

1,133,313.27 

101,907.36 

588,265.76 

1,802.285.87 

3,588,957.39 

7,218,330.89 

4,391,316.91 

232,301.20 



$60,289,863.08 



$20,126,856.10 

1,010,772.70 

7,523,992.17 

697,366.53 

234,641.73 

442,778.09 



$30,036,407.32 



$3,589,988.66 

641,355.22 

6,933,098.34 

2,650,230.85 

1,607,947.88 



$15,422,620.95 



$250.00 

1,783,601.09 

7,500.00 

161,349.02 

18,181.66 



$1,934,518.45 

$49,520.31 

$107,732,930.11 



Total 
Dec. 31, 1932 



$1,771,879.54 

11,454,498.79 

5,709,583.37 

265,011.63 

777,647.34 

902,991.26 

2,304,651.15 

4,406,499.98 

4,247,620.68 

1,637,876.02 

295,686.53 

338.549.76 

5,734,943.16 

1,925,046.39 

94,412.92 

1,134,129.30 

101,907.36 

621,409.48 

1,844,382.97 

3,863,808.49 

7,398,196.82 

4,397,962.14 

232,301.20 



$61,460,996.28 



$20,210,955.36 

1,017,098.33 

8,042,281.18 

699,731.63 

233,682.22 

445,739.98 



$30,649,488.70 



$3,588,886.25 

641,355.22 

6,918,874.18 

2,627,005.26 

1,615,699.18 



$15,391,820.09 



$250.00 

1,783,601.09 

7,500.00 

161,349.02 

18,181.66 



$1,934,518.45 

$5,745.85 

$109,442,569.37 



Note : — Bold denotes credits. 



27 



xA-PPENDIX 6 



Investment in Road Owned and Leased December 31, 1933 



Boston Elevated Railway 

Road and Equipment . 
Miscellaneous Physical Property 



$107,732,930.11 
758,904.91 



Total Boston Elevated Railway Investment $108,491,835.02 



Leased Lines 

Hyde Park Transportation District 
(City of Boston) .... 
Eastern Mass. St. Ry. Co. (Part Leased) 

Old Colony Lines, West Roxbury $672,847.44 

Boston & Northern Lines, East 

Boston 34,980.72 

Boston & Northern Lines, Mid- 
dlesex Fells Lines .... 29,546.01 

Expenditures for Additions and 

Betterments 188,661.78 



Total Eastern Mass. St. Ry. Co. 
Total Leased Lines . 



231,099.45 



926,035.95 



1,157,135.40 



City of Boston Investment 

Boylston Subway 

Cambridge Connection .... 
Dorchester Tunnel .... 
Dorchester Rapid Transit Extension 
East Boston Tunnel .... 
East Boston Tunnel Extension 

Tremont Subway 

Washington Tunnel .... 



$11,443,125.63 
1,653,270.99 
12,204,321.33 
10,909,071.17 
7,234,738.36 
2,345,338.93 
4,458,138.04 
7,947,250.65 



Total City of Boston Investment 58,195,255.10 



Commonwealth of Massachusetts Investment 
Cambridge Subway .... 



5,226,759.52 



Total Commonwealth of Massachusetts Investment . 
TOTAL INVESTMENT IN ROAD OWNED AND LEASED 



8,226,759.52 
. $176,070,985.04 



28 
Appendix 7 
Investment and Total Income 1897-1933 



Year Ended 



Sept. 30, 1897 
Sept. 30, 1898 
Sept. 30, 1899 
Sept. 30, 1900 
Sept. 30, 1901 
Sept. 30, 1902 
Sept. 30, 1903 
Sept. 30, 1904 
Sept. 30, 1905 
Sept. 30, 1906 
Sept. 30, 1907 
Sept. 30, 1908 
Sept. 30, 1909 
June 30, 1911 
June 30, 1912 
June 30, 1913 
June 30, 1914 
June 30, 1915 
June 30, 1916 
Dec. 31, 1917 
Dec. 31, 1918 
Dec. 31, 1919 
Dec. 31, 1920 
Dec. 31, 1921 
Dec. 31, 1922 
Dec. 31, 1923 
Dec. 31, 1924 
Dec. 31, 1925 
Dec. 31, 1926 
Dec. 31, 1927 
Dec. 31, 1928 
Dec. 31, 1929 
Dec. 31, 1930 
Dec. 31, 1931 
Dec. 31, 1932 
Dec. 31, 1933 



Total 


Total 


Investment 


Income 


$25,291,913.22 


$8,719,031.78 


31,251,811.90 


9,257,252.94 


33,187,250.79 


9,756,136.25 


37,793,501.62 


10,236,994.49 


44,087,939.53 


10,869,496.33 


46,466,591.31 


11,321,030.13 


48,398,610.91 


12,019,371.26 


51,886,524.39 


12,436,593.79 


57,187,809.61 


12,741,569.30 


59,873,910.46 


13,634,612.49 


65,979,896.07 


14,011,167.72 


70,957,716.76 


14,074,696.51 


81,592,634.49 


14,493,853.13 


92,904,910.27 


15,980,707.94 


101,864,058.69 


16,522,542.00 


105,019,587.59 


16,968,328.33 


106,990,919.12 


17,785,978.25 


113,166,182.04 


17,886,549.64 


117,116,007.58 


18,781,327.74 


121,807,319.67 


19,818,407.01 


134,181,073.47 


21,062,962.82 


138,117,974.50 


29,498,582.82 


139,156,058.00 


34,031,636.44 


141,345,133.42 


33,277,025.53 


143,345,873.68 


32,699,176.37 


149,001,108.85 


34,096,813.26 


155,490,852.91 


34,175,319.61 


156,474,884.41 


34,547,379.61 


159,025,141.62 


35,481,313.38 


163,901,383.91 


35,193,410.03 


172,486,669.04 


34,843,147.51 


175,224,091.62 


34,096,623.03 


175,045,256.41 


32,510,721.17 


175,553.658.23 


29,855,107.30 


177,673,869.99 


26,428,493.63 


176,070,985.04 


24,154,373.09 



The permanent investment represents the actual money expended for property operated, owned and 
leased, including subways, tunnels and rapid transit lines owned by the City of Boston and Commonwealth 
of Massachusetts. 



29 



Appendix 8 

Capital Outstanding December 31, 1933 
COMMON STOCK 



No. 

Shares 

Outstanding 


Par Value 

Shares 
Outstanding 


Net 
Premium 


Amount 
Realized 


Date of 
Approval by 
Commission 


Yearly 
Dividend 


Dividends 
Payable 


5,000 
95,000 
33,000 
66,500 
39,294 


$500,000.00 
9.500,000.00 
3,300,000.00 
6,650,000.00 
3,929,400.00 


$1,815,000.00 

'695.958.13 
196,470.00 


$500,000.00 
9,500,000.00 
5.115,000.00 
7*.345,958.13 

4,125,870.00 


July 26, 1897 
July 6, 1900 
Aug. 22, 1902 
Dec. 18, 1908 
Dec. 6, 1912 




i Jan. 1 

Ar,r- 1 


238,794 


$23,879,400.00 


$2,707,428.13 


$26,586,828.13 


5%— $1,193,970.-00 < 

[ Oct. 1 



OUTSTANDING FUNDED DEBT 



Par 

Value 


Rate 


Maturity 


Net Pre- 
mium or 
Discount 


Amount 
Realized 


Date of 
Approval by 
Commission 


Yearly 
Interest 


Co. 


$2,098,000.00 


6 % 


Mar. 


1, 1934 


$24,315.82 


$2,122,315.82 


Feb. 


15. 


1924 


$125,880.00 


B. E. 


1,581,000.00 


:,y:,'r 


Aug. 


1, 1934 


*5,027.58 


1,575,972.42 


June 


19, 


1924 


86,955.00 


B. E. 


7,500,000.00 


4 % 


May 


1, 1935 


276,900.00 


7,776,900.00 


Apr. 


i , 


1905 


300,000.00 


B. E. 


1,000.000.00 


4 % 


May 


1, 1935 


*55,000.00 


945,000.00 


Tune 


15, 


1907 


40,000.00 


B. E. 


815,000.00 


5 % 


May 


1, 1936 


5,786.50 


820,786.50 


Apr. 


6, 


1916 


40,750.0;) 


W. E. 


§3,000,000.00 


3%% 


June 


1, 1936 


*20,700.00 


2,979,300.00 


May 


26, 


1933 


105,000.00 


B. E. 


tl,926,000.00 


5 % 


Feb. 


1, 1937 


*23, 131.26 


1,902,868.74 


Mar. 


2 


1925 


96.300.00 


B. E. 


f2,700,000.00 


5 % 


Feb. 


1, 1937 


*32,427.00 


2,667,573.00 


Dec. 


9, 


1926 


135,000.00 


B. E. 


fl,885,000.00 


5 % 


Feb. 


1, 1937 


*7,426.90 


1,877,573.10 


Dec. 


9, 


1926 


94,250.00 


B. E. 


4,800.000.00 


4y 2 % 


Oct. 


1, 1937 


*29.585.04 


4,770,414.90 


June 


15, 


1907 


216,000.00 


B. E. 


11,200,000.00 


5 % 


Tulv 


1, 1940 


* 19,200.00 


1,180,800.00 


May 


14, 


1930 


60,000.00 


B. E. 


5,000,000.00 


4%% 


Nov. 


1, 1941 


*100.()0().()0 


4,900,000.00 


Oct. 


17, 


1911 


225.000.00 


B. E. 


4,000,000.00 


5 % 


Dec. 


1, 1942 


* 80,000.00 


3,920,000.00 


Dec. 


6, 


1912 


200,000.00 


B. E. 


1,000,000.00 


5 % 


Dec. 


1, 1942 


* 78,940.00 


921,060.00 


May 


27, 


1914 


50,000.00 


B. E. 


3,286,000.00 


5 % 


Dec. 


1, 1942 


*261,779.76 


3,024,220.24 


Nov. 
f Feb. 
\ Apr. 


9, 
4, 


1915 
1914 


104,300.00 


B. E. 


2,600,000.00 


5 % 


Mar. 


1, 1944 


112.S32.07 


2,712,832.07 


14, 


1914 


130,000.00 


W. E. 














J Aug. 
\ Sept. 


24, 


1917 






570,000.00 


7 % 


Sept. 


1, 1947 


399.00 


570,399.00 


4, 


1917 


39,900.00 


VV. E. 














f July 

\ Oct. 


12, 


1932 






tf6,309,000.00 


6y 2 % 


Aug. 


1, 1957 


*220,815.00 


6,088,185.00 


18, 


1932 


410,085.00 


B. E. 


§21,000,000.00 


6 % 


Aug. 


14, 1971 


_ 


21,000,000.00 


* * 


* 




1,260,000.00 


B. E. 


§ 2,000,000.00 


6 % 


Sept. 


14, 1971 


— 


2,000.000.00 


* * 


* 




120,000.00 


B. E. 


§ 430,917.00 


6 % 


July 


26, 1972 


— 


430,917.00 


* -X 


* 




25,855.02 


B. E. 


$74,700,917.00 


*$513,799.15 


$74,187,117.85 


$3,925,275,02 















*Discount. 

fRedeemable on any interest date @ $101. 
***Authorized by Section 4, Chapter 333, Acts of 1931. 

tfSinking Fund Bonds. Callable for Sinking Fund after Aug. 1, 1935 @ $102.50. 
Aug. 1, 1934 @ $105.00. 

§Held by Boston Metropolitan District. 



General call after 



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34 



Appendix 11 



Comparative Division of Receipts and Expenditures for Years Ended Dec. 31. 





1933 


1932 


1931 


1930 


1929 


Operating Expenses: 

Material and other Items 
Injuries and Damages . 
Depreciation .... 


$24,154,373.09 

$11,406,164.52 
1,907,053.77 

515,616.02 
2,304,096.56 

696,716.18 


$26,428,493.63 

$13,390,232.57 
2,193,922.34 

773,076.59 
2,313,952.99 

871,243.67 


$29,855,107.30 

$15,039,762.49 
2,739,629.21 

875,302.98 
2,628,968.85 

967,084.72 


$32,510,721.17 

$15,865,649.37 

2,778,098.93 

917,354.53 

2,839,342.46 

1,127,529.39 


$34,096,623.03 

$16,093,870.85 
2,770,526.62 
1,010,378.57 
2,878,054.52 
1,271,916.67 


Total Operating Expenses 

Subway, Tunnel and R. T. 

Interest on Bonds and Notes 
Miscellaneous Items . 


$16,829,647.05 

1,479,247.50 
1,193,970.00 

2,790,779.35 

3,988,664.89 

119,994.56 


$19,542,428.16 

1,404,811.28 
1,193,970.00 

2,790,925.45 

3,946,631.10 

119,173.09 


$22,250,748.25 

1,504,784.86 
2,134,823.50 

2,780,188.49 

2,973,595.14 

115,912.41 


$23,527,974.68 

1,686,950.55 
3,081,309.37 

2,775,244.49 

2,455,374.66 

118,506.23 


$24,024,747.23 

1,619,962.88 
3,089,528.26 

2,650,371.31 

2,495,850.19 

122,090.52 


Total Cost of Service . . 


$26,402,303.35 
$2,247,930.26 


$28,997,939.08 
$2,569,445.45 


$31,760,052.65 
$1,904,945.35 


$33,645,359.98 
$1,134,638.81 


$34,002,550.39 
$94,072.64 



Note: — Profit and Loss Items not included in above. 



35 



Appendix 12 



Traffic Statistics, Years Ended December 31 



Round trips operated 

Passenger revenue 

Passenger revenue per mile (cents) 
Passenger revenue per hour . . 
Passenger revenue mileage . . 
Passenger revenue hours .... 
Revenue passengers carried . . . 
Revenue passengers carried per mile 
Revenue passengers carried per hour 



1933 



6,166,659 

$23,475,404.11 

50.88c 

$5,204 

46,140,995* 

4,510,925 

267,845,429 

5.805 

59.38 



1932 



6,730,221 

$25,648,339.41 

50.10c 

$5,112 

51,195,366* 

5,016,952 

291,753,825 

5.699 

58.15 



1931 



7,102,373 

$28,811,913.63 

53.80c 

$5.43 

53,553,817* 

5,303,580 

324,788,577 

6.065 

61.24 



1930 



7,453,801 

$31,415,746.94 

56.04c 

$5.66 

56,060,874* 

5,548,253 

342,694,905 

6.113 

61.77 



Including motor-coach mileage as follows: 

1933 9,136,030 

1932 8,896,143 

1931 8,771,384 

1930 7,813,467 

Appendix 13 



Comparative Passenger Statistics — Revenue Passengers Carried 



Year 


Week Day 
Average 


Saturday 
Average 


Sunday 
Average 


Holiday 
Average 


Total for 
Year 


1933 

1932 

1931 

1930 

1929 

1928 

1927 

1926 

1925 

1924 


805,668 
870,865 
971,487 
1,025,036 
1,049,304 
1,067,980 
1,079,087 
1,086,544 
1,066,317 
1,109,861 


794,068 
879,000 
997,669 
1,050,111 
1,123,058 
1,143,250 
1,166,933 
1,191,342 
1,172,871 
1,216,132 


386,439 
421,070 
460,564 
488,101 
518,093 
539,813 
555,326 
576,701 
577,200 
630,755 


494,365 
504,983 
558,262 
590,810 
602,071 
631,916 
661,840 
666,258 
660,007 
727,191 


267,845,429 
291,753,825 
324,788,577 
342,694,905 
354,214,990 
362,005,033 
366,938,908 
371,218,401 
365,036,286 
382,888,848 



36 



Appendix 14 



Ratio of Maintenance and Depreciation to Total Income, Per Cent. 



Year Ended 



December 31, 1933 
December 31, 1932 
December 31, 1931 
December 31, 1930 
December 31, 1929 
December 31, 1928 
December 31, 1927 
December 31, 1920 
December 31, 1925 
December 31, 1924 



Total Income 


Maintenance 
and Depreciation 


Per Cent 


$24,154,373.09 


$5,899,833.49 


24.43 


20,428,493.03 


0,681,106.46 


25.20 


29,855,107.30 


7,903,344.74 


20.47 


32,510,721.17 


8,311,029.03 


25.50 


34,090,023.03 


8,284,093.00 


24.29 


34,843,147.51 


8,595,987.73 


24.67 


35,193,410.03 


8,639,138.59 


24.55 


35,481,313.38 


8,977,312.93 


25.30 


34,547,379.61 


8,381,452.23 


24.20 


34,175,319.61 


8,694,550.21 


25.44 



Total income includes, in addition to car fares collected, receipts from advertising privileges, news 
stands and station privileges, rentals and income from various miscellaneous sources. 



Appendix 15 



Comparative Power Statistics 





1933 


1932 


1931 


1930 


1929 


Tons of coal burned 


125,126 


150,758 


172,078 


189,894 


201,235 


Pounds of coal per kilowatt 














1.403 


1.531 


1.676 


1.704 


1.826 


Average price of coal per long 














$4.16 


$4.54 


$4.52 


$4.60 


$4.79 


Net cost of power for car 












service per kilowatt bour 














0.721 


0.787 


0.863 


0.934 


0.921 


Net cost of power per total 












revenue car mile (cents) . 


3.582 


3.701 


4.052 


4.303 


4.219 


Direct current annual output 












(k. w.) 


199,808,155 


220,824,200 


230,467,400 


241,729,260 


247,473,090 






37 



Appendix 16 



Loan Assessments on Cities and Towns — 
Chapter 159, Special Acts 1918, as Amended 



Cities and Towns 



Boston 

Cambridge 

Somerville 

Brookline 

Maiden 

Medford 

Everett 

Watertown 

Arlington 

Belmont 

Chelsea 

Newton 

Milton 

Totals 



1932 A 


ssessment 


1933 Assessment 


Per Cent 


Amount 


Per Cent 


Amount 


66.3766 


$1,178,409.53 


64.9186 


$1,787,289.65 


8.4367 


149,780.01 


8.5531 


235,477.46 


6.3690 


113,071.33 


6.1072 


168,138.80 


3.7385 


66,371.04 


4.5104 


124,176.91 


3.1137 


55,278.72 


3.6147 


99,517.18 


2.9981 


53,226.43 


3.4001 


93,608.97 


2.0768 


36,870.24 


2.2718 


62,545.48 


1.9601 


34,798.42 


2.0002 


55,067.99 


1.5549 


27,004.74 


1.3296 


36,605.54 


1.0046 


17,835.05 


1.0371 


28,552.65 


.9437 


16,753.87 


1.0349 


28.492.08 


.7911 


14,044.71 


.5711 


15,723.09 


.6362 


11,294.71 


.6512 


17,928.34 


100.00% 


$1,775,338.80 


100.00% 


$2,753,124.14 



Based on traffic counts made July 15, 16, 17. 18, 1932. and July 14, 15, 16, 17, 1933, in 
accordance with the provisions of Section 14, Chapter 159, Special Acts 1918. 

In addition to the above amounts, the expenses of the Commonwealth of Massachusetts 
for financing the loan assessments are also assessed to cities and towns pro rata on 
above percentages. The expenses were for 1932 $8,261.20 and 1933 $6,063.55. 



38 



Appendix 17 



Passenger Cars and Motor Coaches Owned 
December 31 



Surface Cars 


1933 


1932 


1918 


Semi-convertible cars — Type No. 1 — No. 4A3 . . 


267 
471 
396 
220 


267 
471 
396 

220 


453 
100 




174 




1 

177 

1,113 




1,354 






Total Surface Cars 


1,354 


1,354 


3,372 



Rapid Transit Cars 



Elevated cars, wood and steel . . 

Elevated cars, steel 

Cambridge-Dorchester Tunnel cars, 
East Boston Tunnel Cars, Steel . 



steel 



Total Rapid Transit Cars 



— 


— 


169 


325 


325 


162 


155 


155 


60 


48 


48 


— 


528 


528 


391 



Motor Coaches 



Mechanical Drive 

25 Passenger Motor Coaches 

29 Passenger Motor Coaches 

31 Passenger Motor Coaches 

33 Passenger Motor Coaches 

37 Passenger Motor Coaches 

38 Passenger Motor Coaches 

39 Passenger Motor Coaches 

40 Passenger Motor Coaches 

44 Passenger Motor Coaches 

Total Mechanical Drive 

Gas Electric 

29 Passenger Motor Coaches 

35 Passenger Motor Coaches 

36 Passenger Motor Coaches 

37 Passenger Motor Coaches 

Total Gas Electric Drive 

Total Motor Coaches 

Total Passenger Cars and Motor Coaches Owned 



7 


52 


130 


126 


— 


1 


— 


1 


12 


12 


1 


1 


66 


56 


94 


86 


24 


10 



334 



2,262 



345 



— 


1 


15 


15 


16 


16 


15 


15 . 


46 


47 


*380 


*392 



2,274 



f In addition the Boston Elevated Railway operated one leased 44 passenger coach. 



Sixteenth 

Annual Report 



OF THE 



PUBLIC TRUSTEES OF THE BOSTON 
ELEVATED RAILWAY 



FOR THE 

Year Ended December 31, 1934 



BOARD OF TRUSTEES 

(Appointed by the Governor of Massachusetts pursuant to Chapter 159 
of the Special Acts of 1918) 

HENRY I. HARRIMAN, Chairman 

ERNEST A. JOHNSON JOHN V. MAHONEY 

GEORGE B. JOHNSON EDWARD E. WHITING 



OFFICERS 

(Appointed by the Trustees) 

EDWARD DANA Executive Vice-president 

and General Manager 

HENRY L. WILSON Treasurer 

JOHN H. MORAN General Auditor 

H. WARE BARNUM General Counsel 

MAURICE P. SPILLANE General Attorney 



REPORT OF THE BOARD OF PUBLIC TRUSTEES 

OF THE 

BOSTON ELEVATED RAILWAY 



TABLE OF CONTENTS 



Data of operation . 

Bonds 

Safety 

Motor coach service . 

Taxicab competition 

Wages and salaries . 

Plant and equipment changes 



Page 
5 
9 
11 
12 
12 
13 
13 



Tables in the Text 

Monthly comparison of passengers carried 1934 with 1933 5 

Basic data for period of public control 6 

Savings from refunding Boston Elevated Railway bonds by 

Boston Metropolitan District bonds .... 10 

Collision accidents since 1926 11 

Industrial accidents since 1926 12 



Graphs in the Text 

Fixed charges per year 

Allocation of cost of service per revenue passenger 
Average employees on weekly payroll . 
Accidents in 1926 and 1934 compared . 
Revenue miles per year 



7 

8 

11 

11 

13 



Appendixes 

1. Public accountants' certification 

2. General balance sheet 

3. Income statement . 

4. Operating expense accounts . 

5. Road and equipment investment 



17 

18 
22 
24 
26 



6. Investment in road owned and leased December 31 

1934 

7. Investment and total income 1897-1934 . 

8. Capital outstanding December 31, 1934 . 

9. Revenue passengers carried — 1897 to 1934 

10. Revenue mileage— 1898 to 1934 .... 

11. Comparative division of receipts and expenditures for 

years ended December 31, 1930 to 1934 . 

12. Traffic statistics, years ended December 31, 1931 to 

1934 . 

13. Comparative passenger statistics — revenue passengers 

carried 1925 to 1934 

14. Ratio of maintenance and depreciation to total income 

per cent. 1925 to 1934 

15. Comparative power statistics 1930 to 1934 . 

16. Loan assessments on cities and towns — Chapter 159 

Special Acts 1918, as amended .... 

17. Passenger cars and motor coaches owned 



Page 

27 
28 
29 
30 
32 

34 

35 

35 

36 
36 

37 
38 



REPORT OF THE BOARD OF PUBLIC 

TRUSTEES OF THE BOSTON 

ELEVATED RAILWAY 



During the calendar year just ended, 1934, the number of 
revenue passengers carried and the receipts of the Boston Elevated 
Railway increased considerably as compared with the prior year. 

In 1934, total receipts amounted to $24,818,625.48, compared 
to $24,154,373.09 for the calendar year 1933, an increase of 
$664,252.39, or 2.75 per cent. The number of revenue passengers 
carried last year was 277,034,175, compared to 267,845,429 for 
1933, an increase of 9,188,746 or 3.43 per cent. 

This comparative annual increase in receipts and in the num- 
ber of revenue passengers was the first since 1926. 

Every month but one in 1934 showed an increase in the num- 
ber of passengers carried compared to the same month for the prior 
year. The exception, September, had one more Sunday than Sep- 
tember, 1933, and the difference between Sunday and weekday rid- 
ing accounts for the lesser number of passengers carried in 
September, 1934. 

The table below shows the number of revenue passengers carried 
monthly during the calendar year 1934 and the increase or decrease 
as compared with the same months in 1933. 





Number of 




Revenue 




Passengers 




1934 


January 


26,531,501 


February 


23,561,494 


March 


26,859,727 


April . 


23,784,017 


May 


24,135,389 


June 


21,782,680 


July 


19,292,673 


August 


19,644,909 


September . 


20,094,997 


October 


23,414,457 


November . 


22,872,495 


December 


25,059,836 


12 months . 


277,034,175 


*Decrease. 







Increase 


Increase 


Per cent 


2,059,907 


8.42 


1,092,296 


4.86 


2,517,967 


10.34 


795,244 


3.46 


799,141 


3.42 


613,409 


2.90 


413,159 


2.19 


422,653 


2.20 


417,346* 


2.03* 


689,009 


3.03 


115,837 


0.51 


87,470 


0.35 



9,188,746 



3.43 



The greater part of the increase in riding occurred in the first 
six months of 1934 for the reason that these six months are com- 
pared with a period of heavy loss in riding in 1933. 

Although during 1934 the railway carried 9,188,746 more pas- 
sengers and passenger receipts increased by $711,724.64 compared 
to 1933, operating expenses for 1934 were only $65,443.44 higher 
than for the prior year. Operating expenses per revenue passenger, 
a good measure of operating efficiency, were 6.2833 cents for 1933 
and 6.0985 cents for 1934. This operating cost per revenue pas- 



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senger for 1934 was the lowest of any year during public control 
and is a reflection of the success in reducing operating expenses. 

Revenue mileage operated in 1934 totaled 45,822,648 miles, 
compared to 46,141,119 miles in 1933, a reduction of 318,471 miles. 

The cost of service for 1934 exceeded receipts by $1,464,489.75, 
whereas the cost of service in 1933 exceeded receipts by 
$2,247,930.26, an improvement of $783,440.51. This improvement 
resulted from the upward trend in riding and from maintaining 
operating expenses at a low level. 

Any deficit assessment is not determined upon the basis of the 
operations for the calendar year but upon that of a fiscal or trustee 
year, which year in the past has terminated as of June 30. 

The table on the opposite page shows the results from opera- 
tions from the beginning of public control to the present. 

Of special importance in this table is the column relating to 
fixed charges, which are the rental charges on the subways, rent of 
leased roads, taxes, interest on bonds and dividends on common 
stock. Fixed charges were lower in 1934 than for any year since 
1923. The reduction in these fixed charges resulted largely from 
the 1931 Act extending public control and from the lowered interest 
charges due to the legislation of 1933 and 1934 whereby the credit 
of the Metropolitan Transit District was used to refund maturing 
issues of railway bonds. The reduction of $738,000 in these fixed 
charges from 1930 to 1934, however, is but a small part of the 
loss of almost $7,700,000 in anuual revenue since that time. Fixed 
charges are a heavy burden upon the railway's revenues for they 
remain, irrespective of the extent to which the system is used. 
Worthy of note in this connection is the fact that subway rentals 
paid during 1934 amounted to $2,796,255.81, or $1,331,766.06 more 
than the deficit for that year. 



FIXED CHARGES PER VEAR 
Figures Refer to Changes from 1919 



1919 
1920 

1921 

1922 
1923 
1924 
1925 
\926 
1927 
1928 
\929 
1930 
1931 
1932 
1933 
1934 




BostonElevatedRailway 

Cost of Service 9t487*PERREVENUEPASSEN6ER 
Y2MonthsEnded December 31,1934. 

DWIDEO AS FOLLOWS 



£ 

?/>;£*** 




Bonds 

In their last two reports, the trustees have called attention to 
the large amount of bonds of the railway maturing within the next 
few years and have suggested legislation whereby the credit of the 
Boston Metropolitan District could be used to provide a medium 
for refunding railway bonds. 

In May, 1933, the Legislature passed an Act whereby the 
trustees of the District were given permissive authority to issue 
notes or bonds for terms of not longer than three years for the pur- 
pose of purchasing bonds of the railway to furnish funds with which 
to retire an issue of railway bonds amounting to $3,000,000 which 
matured on June 1, 1933 and another issue of $2,098,000 which 
matured on March 1, 1934. Pursuant to this authority the District 
on June 1, 1933 issued $3,000,000 in three and one-half per cent, 
bonds which were sold at $99.31, resulting in a net interest yield of 
three and three-quarters per cent. On March 1, 1934 the District 
issued $2,098,000 in three per cent, bonds which were sold at 
$99,307, resulting in a net interest yield of three and one-quarter 
per cent. 

In June, 1934, the Legislature passed another Act giving the 
trustees of the District permissive authority to issue bonds for 
terms of not less than fifteen years nor longer than twenty-five 
years for the purpose of purchasing bonds of the railway to furnish 
funds with which to retire $1,581,000 of railway bonds maturing 
August 1, 1934 and $8,500,000 of bonds maturing May 1, 1935 and 
to call $6,309,000 of railway bonds maturing August 1, 1957. 
Under this Act, the bonds of the railway are to bear an interest 
rate two per cent, in excess of the rate of the District bonds issued 
to purchase the railway bonds. On August 1, 1934 the District 
issued $1,581,000 of fifteen year serial bonds, bearing an interest 
rate of two and one-half per cent., which were sold at $95,086, giv- 
ing an average net yield of three per cent. On January 1, 1935 the 
District issued $6,309,000 of twenty-five year serial bonds, bearing 
an interest rate of three per cent., which were sold at $97.79, mak- 
ing an average net yield of 3.19 per cent. 

On the two short term issues the car riders and the tax payers 
of the District are saving annually $139,569 in interest and charges, 
or $418,707 during the life of the bonds. On the two long term 
issues the savings in interest and charges are $88,383 annually, or 
$2,099,514 during the life of the bonds. 

The total saving of $2,518,221 in the cost of service during the 
term of these bonds is conservatively stated since it is based on the 
difference between the interest and charges which the railway is 
now paying to the District and the interest and charges which the 
railway had paid on its own bonds before they were retired. The 
actual savings are considerably in excess of those stated because 
under conditions then and now existing the railway would have had 
to pay higher interest rates on refunding issues sold to the public 
than that which it had paid on the bonds retired. 

In addition to the annual saving in the cost of service, which 
constitutes an immediate and continuing saving to the car riders 



10 

Savings from Refunding Boston Elevated Railway Bonds 
by Boston Metropolitan District Bonds 

Boston Metropolitan District Bond Issues 









Interest 


Price 


Net 


Item 


Date Amount 


Term 


Rate 


Sold 


Yield 


1. 


June 1, 


1933 $3,000,000 


3 Year 3-1/2% 


99.31 


3.75% 


2. 


Mar. 1, 


1934 2,098,000 


3 Year 3 


% 


99.307 


3.25% 


3. 


Aug. 1, 


1934 1,581,000 


15 Year 2-1/2% 


95.086 


3.00% 








Serial 








4. 


Jan. 1, 


1935 6,309,000 


25 Year 3 

Serial 


% 


97.79 


3.19% 






Saving Included 
in Cost of Service 


District Bonds 
to be Retired 
from Interest on 






Item 


Annual 


Total 


B. E. 


Ry. Bonds 






1. 


$85,064.04 


$255,192.12 




None 






2. 


54,505.20 


163,515.60 




None 






3. 


11,007.84 


165,117.60 


$523,000.00 






4. 


77,375.85 


1,934,396.25 


4,343,000.00 





$227,952.93 $2,518,221.57 

Note: Saving is based on the assumption that the Boston 
Elevated Railway could have renewed bonds on 
the same terms as those of the maturing bond 
issues. 

and to the tax payers, there is a distinct advantage received by the 
District from the payment of the two per cent, additional interest 
by the railway on the issues authorized by the Legislature in 1934. 
This two per cent, additional interest will provide funds sufficient 
to retire $523,000 of the $1,581,000 issue of District bonds of 
August 1, 1934 and $4,343,000 of the $6,309,000 issue of District 
bonds of January 1, 1935. Thus the District, at the end of the 
life of these two issues, and at no additional expense to its tax pay- 
ers, will be the holder of railway bonds outstanding in the full 
amount, namely $7,890,000, but will have retired from the two per 
cent, additional interest paid by the railway $4,866,000 of the 
$7,890,000 of District bonds issued to purchase the railway bonds. 
We believe that the wisdom of the Legislature's action in author- 
izing this use of the District's credit to refund railway bonds is 
fully attested by the savings described above. At no expense to 
the District, the tax payers and car riders within it are saved sub- 
stantial sums annually in interest charges, and the District, as a 
whole, acquires a large ownership of railway bonds representing 
property. We believe that these large annual savings in interest 
costs accomplish the principal advantage that would accrue from 
outright public ownership, and that, in effect, this gradual acquisi- 
tion of railway bonds made possible from the savings through the 
use of the District's credit is a sound and conservative method of 
acquiring the ownership of the railway's property represented by its 
bonded indebtedness. By reason of the distinct and real advan- 
tages to the District, we urge upon the Legislature the desirability 
of enacting legislation whereby the policy of using the District's 
credit as a medium to refund railway bonds would be continued 



11 



throughout the period of public management and operation. Not 
only the present day generation of car riders and tax payers would 
be benefited, but also those of the future. 

That the savings from District refinancing may be clearly 
visualized, a table is given on page 10 setting forth these savings. 

u f ooo 

10,000 
9.000 
8000 

7,000 
6,000 
5,000 

* ,000 1909 '11 '13 '15 '17 '19 '21 73 '25 '27 '29 '31 *33 

'10 '12 '14 M6 M8 '20 '22 24 26 '28 '&> '32 34 

Safety 
The good record for safety which has been established largely 
through the intelligent co-operation of the employees of the rail- 
way was well maintained during 1934. Shown below is a table of 
the number of collision accidents since 1926. 



























































































































































































































































Average Employees onWeekd/Payroll 





























































All Collisions 


All Collisions 




Involving 


Involving 




Street Cars 


Motor Coaches 


Total 


1926 . . . 8,725 


1,521 


10,246 


1927 






7,016 


1,293 


8,309 


1928 






5,746 


1,053 


6,799 


1929 






4,885 


1,214 


6,099 


1930 






4,116 


1,068 


5,184 


1931 






3,741 


1,286 


5,027 


1932 






3,034 


1,012 


4,046 


1933 






2,763 


962 


3,725 


1934 






2,803 


1,111 


3,914 



The slight increase in collision accidents last year arose from 
the severity of the winter, when during several extended periods 
of sleet and ice there was a considerably greater number of collision 
accidents of a minor character than obtained during the previous 
winter, which was comparatively mild. 



ACCIDENTS IN 1926 AND 1934 COMPARED 

AREA OF CIRCLE SHOWS MI/M&ER /N /D2G 

Shaded sector shows humber //y /S34 
Wh/te sector shows reduct/om 



f\-7oTAL COLL/S/ONS W/Tft 
NOH-RA/LWAY VEHICLES 

B-Co/Lt/S/OHS W/TH 
REDES TR/AHS 

O-COLL/S/OHS W/Tff 
OTHER BE.ROflWAY VSBVOE5 

D- Derailments 




d %j 



12 



Because the physical condition of transportation employees has 
a direct relationship to the safety of the riders, all rapid transit 
motormen and all other transportation employees 40 years of age or 
older have been examined annually since 1928. In the last seven 
years 18,629 physical examinations were made at the employment 
office, of which 2,890 were made during 1934. 

The table following shows the excellent record in controlling 
industrial accidents from 1926 to 1934. 

Total 
Number of 
Year Injuries 



1927 


[ 


• * 


1,414 


1928 


, , 


. , 


1,121 


1929 


, . 


> • 


921 


1930 


# , 


. 


852 


1931 


# , 


# 


835 


1932 


> • < 


• 


698 


1933 


> • < 


. 


565 


1934 


, , 


, . 


628 



Motor Coach Service 
The motor coach becomes more and more important each year 
as a vehicle in local transportation. In the year just ended, of the 
total revenue mileage operated, 9,946,563 miles, or 21.7 per cent., 
was operated by motor coaches. As of the end of the year motor 
coach service was being operated over 618 miles of round trip 
routes. 

During the year, 64 new motor coaches of the latest metropoli- 
tan type were purchased. At the end of 1934 the railway had 388 
motor coaches, of which 310, or the large majority, were of the 
modern type. 

We believe that the railway's equipage of motor coaches at 
present compares favorably with the best in the country, serves the 
public well and attracts riders. 

During 1934, three new motor coach routes were placed in 
operation : 

Between Cypress street and Kenmore station ; 
Between Fields Corner station and Grove Hall, and 
Between Massachusetts station and the intersection 
of Queensbury and Jersey streets. 
Several motor coach routes replaced surface car routes in night 

service. 

Taxicab Competition 

Since deficits from operations of the railway are met from 
assessments upon the tax payers of the cities and towns comprising 
the district served, the trustees are deeply concerned with the effects 
of unfair taxicab competition. Proceeding under existing laws, and 
with the co-operation of police departments in the various cities 
and towns served, the railway has prosecuted a large number of 
taxicab operators on charges of violating regulations. During the 
past year the amount of illegal taxicab operation was much reduced. 
We believe, however, that a considerable amount of public transpor- 
tation which is properly the function of the railway is still being 



13 



performed by taxicab operators in violation of the intent of the 

statutes. Tir c 

Wages and Salaries 

During the latter half of 1934 the trustees placed into effect, 
either through agreements, as with Division 589, Amalgamated As- 
sociation of Street and Electric Railway Employees of America and 
with various craft unions, or directly, as in the case of unaffiliated 
employees, supervisory employees, and officers, wage and salary in- 
creases which restored in part certain wage and salary reductions 
which became effective during 1932 and early in 1933 either by 
agreement or by direct action of the trustees. 

Plant and Equipment Changes 
Watertown Carhouse 
The extension of Nonantum road from Water street to Galen 
street, Watertown, by the Metropolitan District Commission neces- 
sitated the remodeling of the railway's carhouse property near 
Watertown square. The District Commission acquired from the 
railway a strip of land along the Charles River and conveyed an 
approximately equal area on the south end of the railway's prop- 
erty. For expenses to the railway resulting from the street con- 
struction, the railway was reimbursed by the Commonwealth. The 
railway extended the yard tracks southward providing loops on 
the land obtained from the State, constructed a new repair pit, ex- 
tended the three existing repair pits on the north end of the car- 
house and constructed an addition to the carhouse on the southern 
end. A new boiler-room and a new carmen's lobby were also con- 
structed. The location of the tracks leading to and from Galen 
street and the shelter and waiting room at this point were not 
altered. 

REVENUE-MILES PER YEAR 

10,000.000 20.000.000 30.000.000 4-0.000.000 50.000.000 



IS>I£> I 






19201 

I9ZI 

1922 




■'■■' ' .i :. n. ' ■,,-■ .i vinV,'. ~. r .'.niil 



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II 



^MMmMM: r^mm^ 



.. 



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'I'ii^y^'--"' .•'''. ■■' -'■■"■:.■ V •. "-'.■ .>■■" v.; .-. * . '■v-Vfevift 



^ '-v V- * ?■■ ■.-■>. Vv^- y ■-> rxx:.;. -mis. 



K?-: : v';.;J 



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aaftka 












'Jtmmmmds® 



i 



motor Coach 
Rapid "Transit 



2-Man Surface 
i-ManSurface 



14 

Fields Corner Station 

For the purpose of eliminating the high passimeter formerly 
located at the Charles street entrance to the Fields Corner station, 
the trustees, on August 24, 1934, authorized changes in certain stair- 
ways and turnstiles at this station so that passengers may enter and 
leave by way of a passageway from Charles street. The work was 
done by the Boston Transit Department. 

Savin Hill Station 

At the request of the trustees, the Boston Transit Department 
constructed a coachway for the convenient interchange of passen- 
gers to and from trains and motor coaches at Savin Hill station. 
At the coachway is a covered platform connecting with the train 
platform by means of a stairway and a bridge over the tracks. 

Razing of Abandoned Buildings 

In order to reduce maintenance and carrying charges, the fol- 
lowing abandoned buildings were razed during 1934 : — 

Lenox street carhouse 
Cypress street carhouse 
Arlington Heights lobby 

Equipment to Prevent Freezing of Signal Apparatus 

During past winters, occasional delays have been caused on the 
rapid transit lines when automatic train stops became frozen or 
blocked with snow, thus holding the block signals at the stop posi- 
tion and interfering with the regular movement of trains. To obvi- 
ate this interference, a trial of electric heaters which prevent the 
freezing of the automatic stops was made during the severe storms 
of last winter. The trial proved successful and heaters have been 
installed at 36 signals on the Dorchester rapid transit extension and 
at seven signals on the West Boston bridge. 

Maintenance 

The maintenance work performed by the railway on the main 
line elevated, in the subways and tunnels and on surface trolley car 
tracks during 1934 was continued in the same manner as in all past 
years to insure the safety of the riding public. The trustees are 
firmly of the belief that regardless of income the structures, tracks 
and equipment must be maintained in a thoroughly safe condition. 

Respectfully submitted, 

BOARD OF TRUSTEES, 

BOSTON ELEVATED RAILWAY COMPANY 

(Signed) HENRY I. HARRIMAN, Chairman 
EDWARD E. WHITING 
GEORGE B. JOHNSON 
ERNEST A. JOHNSON 
JOHN V. MAHONEY 
January 31, 1935. 



APPENDIXES 



17 



Appendix 1 



Lybrand, Ross Bros. & Montgomery 
Boston, Massachusetts 

To the Trustees of 
Boston Elevated Railway: 

We have made an examination of the accounts of the Boston Elevated Rail- 
way Company for the year ended December 31, 1934. 

In our opinion, the provision for depreciation of road and equipment in 
the year 1934 charged to cost of service as shown in the accompanying schedule 
of operating expense accounts and determined in accordance with the policy 
of accounting previously adopted by the trustees is fair and reasonable, but 
the amount of accrued depreciation appearing in the balance sheet is 
inadequate. 

We certify that the accompanying general balance sheet as at December 
31, 1934 and income statement for the twelve months ended December 31, 
1934, in our opinion, subject to the comment in the preceding paragraph, set 
forth the financial position of Boston Elevated Railway Company at that date 
and the results of operations under public control for the year then ended. 



(Signed) Lybrand, Ross Bros. & Montgomery. 



Boston, Massachusetts 
January 29, 1935. 



18 



Appendix 2 



General Balance Sheet 



Assets 



Investments 
Road and Equipment: 

Way and Structures 

Equipment 

Power 

General and Miscellaneous 

Unfinished Construction 

Total Road and Equipment 

Miscellaneous Physical Property 

Other Investments: 

Bonds 

Notes 

Advances, Road and Equipment: 

Eastern Massachusetts Street Railway Company 

Total Other Investments 

Total Investments 



Dec. 31, 1934 



Dec. 31, 1933 



$59,849,420.67 

30,244,208.20 

15,410,698.81 

1,924,002.63 

100,391.11 



$107,528,721.42 
$916,212.79 

$230,531.25 
172,450.00 

203,598.50 



$606,579.75 
$109,051,513.96 



$60,289,863.08 

30,036,407.32 

15,422,620.95 

' 1,934,518.45 

49,520.31 



.$107,732,930.11 
$758,904.91 

$234,031.25 
211,046.50 

188,661.78 



$633,739.53 
$109,125,574.55 



19 



General Balance Sheet — Continued 



Liabilities 



Dec. 31, 1934 



Stock 
Capital Stock: 

Common Stock 

Premium on Capital Stock: 

Common Stock 

Total Stock 

Bonds 

Funded Debt Unmatured: 
6% 10 yr. Boston Elev. Ry. Bonds, due Mar. 1, 1934 

5Va% 10 yr. Boston Elev. Ry. Bonds, due Aug. 1, 1934 
4% 30 yr. Boston Elev. Ry. Bonds, due May 1, 1935 
5% 20 yr. W. E. St. Ry. Co. Bonds, due May 1, 193(i 

3V2% 3 yr. Boston Elev. Ry. Bonds, due June 1, 193G 
5% 10 yr. Boston Elev. Ry. Bonds, due Feb. 1, 1937 
3% 3 yr. Boston Elev. Ry. Bonds, due Mar. 1, 1937 

4y 2 % 30 yr. Boston Elev. Ry. Bonds, due Oct. 1, 1937 
5% 10 yr. Boston Elev. Ry. Bonds, due July 1, 1940 

4%% 30 yr. Boston Elev. Ry. Bonds, due Nov. 1, 1941 
5% 30 yr. Boston Elev. Ry. Bonds, due Dec. 1, 1942 
5% 30 yr. W. E. St. Ry. Co. Bonds, due Mar. 1, 1944 
7% 30 yr. W. E. St. Ry. Co. Bonds, due Sept. 1, 1947 

Wz% 15 yr. Boston Elev. Ry. Bonds, due Aug. 1, 1949 

GV 2 % 25 yr. Boston Elev. Ry. Bonds, due Aug. 1, 1957 

Called for Redemption Feb. 1, 1935 

6% Boston Elev. Ry. Bonds Authorized under Sec. 4. 

Chapter 333, Acts 1931 



Total Bonds 



$23,879,400.00 



2,707,428.13 



Dec. 31, 1933 



$26,586,828.13 



$8,500,000.00 
815,000.00 
3,000,000.00 
6,511,000.00 
2,098,000.00 
4,800,000.00 
1,200,000.00 
5,000,000.00 
8,286,000.00 
2,600,000.00 
570,000.00 
1,581,000.00 

6,309,000.00 

23.430,917.00 



$74,700,917.00 



$23,879,400.00 
2,707,428.13 



$26,586,828.13 



$2,098,000.00 
1,581,000.00 
8,500,000.00 
815,000.00 
3,000,000.00 
6,511,000.00 



4,800,000.00 
1,200,000.00 
5,000,000.00 
8,286,000.00 
2,600,000.00 
570,000 00 



6,309,000.00 
23,430,917.00 



$74,700,917.00 



20 



General Balance Sheet — Continued 



Assets 


Dec. 31, 1934 


Dec. 31, 1933 


Current Assets 


$3,116,928.08 

$361,472.03 
358.18 


$2,189,350.04 

• 

$357,405.92 
2,983.80 


Special Deposits: 

Reserve Fund, Chap. 159, Spec. Acts, 1918 . . . 




$361,830.21 

$274.00 

83,140.42 

1,873,140.61 
16,063.56 
38,815.00 


$360,389.72 

$300.00 

106,151.71 

1,850,547.74 

19,279.39 

39,352.00 


Interest, Dividends and Rents Receivable .... 






$5,490,191.88 
$243,000.00 

$112,353.00 
$804,360.35 
$161,452.03 

$23,000.00 


$4,565,370.60 
$544,242.50 


Deferred Assets 


Unadjusted Debits 
Rents and Insurance Premiums Paid in Advance . 


$113,774.00 

$444,167.29 

$80,665.69 

$50,000.00 


Other Unadjusted Debits 

Securities Issued or Assumed — Unpledged 

Bonds— B. E. Ry. Co. 6% Mar. 1, 1934 (Par) . . 

Bonds— B. E. Ry. Co. 4% May 1, 1935 (Par) . . 




$1,101,165.38 
$115,885,871.22 


$688,606.98 
$114,928,794.63 


• 



21 



General Balance Sheet — Concluded 



Liabilities 


Dec. 31, 1934 


Dec. 31, 1933 


Current Liabilities 

Matured Interest, Dividends and Rents Unpaid . 
Accrued Interest, Dividends and Rents Payable: 

Accrued Rent of Subways, Tunnels & R. T. L. 


$465,387.12 
$370,405.16 

$1,143,105.79 

5,998.02 

106,721.66 


$596,735.03 
$366,436.17 

$1,170,673.29 

5,998.04 

105,567.50 


Total Accrued Interest, Dividends and Rents 

Other Current Liabilities 

Premium on $6,309,000. 6%% B. E. Ry. Co. Bonds, 
Called for Redemption on Feb. 1, 1935 . . . 


$1,255,825.47 
$315,450.00 


$1,282,238.83 


Deferred Liabilities 
Unadjusted Credits 


$2,407,067.75 

$13,482.40 

$1,062,959.73 

$39,502.16 

$1,268,460.07 

$12,348,548.36 

$58,213.84 

7,861.00 

127,688.11 


$2,245,410.03 

$15,386.70 

$1,048,736.69 




$53,304.36 


Accrued Depreciation — Road and Equipment . . 
Other Unadjusted Credits: 


$1,407,239.41 
$11,385,185.09 

$56,426.21 

15,357.00 

263,614.22 


Total Other Unadjusted Credits 

Corporate Surplus 

Profit and Loss 

Prior to July 1, 1918 


$193,762.95 
$14,913,233.27 

$12,127.83* 
1,969,473.12* 

1,309,824.40* 
555,768.02 


$335,397.43 
$14,229,862.98 

$12,127.83* 
1,969,473.12* 

1,428,777.28* 
555,768.02 


Year Ended June 30, 1931 

Cost of Service Deficit 6 Months Ended Decem- 
ber 31 


Arising out of Consolidation with West End St. 
Ry. Co., June 10, 1922 and Reorganization July 
1, 1931 






$2,735,657.33* 
$115,885,871.28 


$2,854,610.21* 
$114,923,794.63 







•Debit. 

Note: Amounts advanced by Commonwealth of Massachusetts for deficits in cost of service 1932-1934, 
$6,080,094.91, as at December 31, 1934. (See Statement of Loan Assessments, Page 37.) 



11 



Appendix 3 



Income Statement 



Twelve 
Months Ended 
Dec. 31, 1934 



Operating Income 

Passenger Revenue 

Special Car and Motor Coach Revenue .... 

Mail Revenue 

Miscellaneous Transportation Revenue .... 

Total Revenue from Transportation . . . 

Station and Car Privileges 

Rent of Tracks and Facilities 

Rent of Equipment 

Rent of Buildings and Other Property .... 

Power 

Miscellaneous 

Total Revenue from Other Railway Operations 
Total Railway Operating Revenues .... 
Railway Operating Expenses: 

Way and Structures 

Equipment 

Power 

Conducting Transportation 

Traffic 

General and Miscellaneous 

Transportation for Investment 

Total Railway Operating Expenses .... 

Net Revenue, Railway Operations 

Taxes Assignable to Railway Operations . . . 
Operating Income 



$24,125,421.77 

61,706.98 

175.00 



$24,187,303.75 

$469,145.41 

22,180.02 

7,625.04 

54,673.54 

10,160.78 

254.88 



$564,039.67 
?24,751,343.42 

$2,616,555.69 
3,075,980.37 
1,593,717.30 
7,737,254.46 
5,305.21 
1,882,418.90 
fl6,141.44 



$16,895,090.49 
$7,856,252.93 
$1,407,119.47 
$6,449,133.46 



Twelve 
Months Ended 
Dec. 31, 1933 



$23,441,419.98 

33,984.13 

175.00 

60.00 



$23,475,639.11 

$489,637.59 

23,277.29 

7,291.06 

55,132.70 

8,563.76 

142.96 



$584,045.36 
$24,059,684.47 

$2,480,235.45 
3,025,223.05 
1,525,551.57 
7,815,470.32 
3,094.10 
1,991,274.53 
fll,201.97 



$16,829,647.05 
$7,230,037.42 
$1,479,247.50 
$5,750,789.92 



fCredit. 



23 



Income Statement — Concluded 



Non-Operating Income 

Income from Funded Securities 

Income from Unfunded Securities and Accounts . 
Income from Sinking Fund and Other Reserves . 

Release of Premiums on Funded Debt 

Miscellaneous Income 

Total Non-Operating Income 

Gross Income 

Deductions From Gross Income 
Rent for Leased Roads: 

Boston Elevated Railway Co. — Dividend Rental 
Other Roads 

Total Rent for Leased Roads 

Miscellaneous Rents 

Net Loss on Miscellaneous Physical Property . . 

Interest on Funded Debt 

Interest on Unfunded Debt 

Amortization of Discount on Funded Debt . . . 
Miscellaneous Debits 

Total Deductions from Gross Income . . . 
Operating Loss for Year 



Twelve 
Months Ended 
Dec. 31, 1934 



$22,463.53 

14,079.54 

16,780.00 

13,802.20 

156.79 



$67,282.06 
$6,516,415.52 



$1,193,970.00 
46,652.07 



$1,240,622.07 

$2,796,255.81 

9,361.39 

3,866,237.52 

855.23 

55,985.96 

11,587.29 



$7,980,905.27 
*$1,464, 489.75 



Twelve 

Months Ended 

Dec. 31, 1933 



$42,782.06 

7,149.81 

27,514.43 

15,583.80 

1,658.52 



$94,688.62 
$5,845,478.54 



$1,193,970.00 
46,570.90 



$1,240,540.90 

$2,790,779.35 

9,569.04 

3,951,275.02 

37,389.87 

52,973.40 

10,881.22 



$8,093,408.80 
*$2,247,9S0.26 



> Debit 



24 



Appendix 4 



Operating Expense Accounts 



Way and Structures 

Superintendence of Way and Structures 

Maintenance of Track and Roadway 

Removal of Snow and Ice 

Roadway Structures 

Signals and Interlocking Apparatus 

Telephone and Telegraph Lines 

Other Miscellaneous Way Expenses 

Maintenance of Electric Line Equipment .... 

Maintenance of Buildings and Grounds 

Depreciation of Way and Structures 

Total Way and Structures 

Equipment 

Superintendence of Equipment 

Maintenance of Cars and Motor Coaches .... 

Service Equipment 

Maintenance of Electric Equipment of Cars 

Shop Equipment 

Shop Expenses 

Miscellaneous Equipment 

Depreciation of Equipment 

Depreciation of Motor Coaches 

Total Equipment 

Power 

Superintendence of Power 

Maintenance of Power Plant Bldgs. and Equipment 
Depreciation of Power Plant Bldgs. and Equipment 

Operation of Power Plants 

Gasoline for Motor Coaches 

Total Power 



Twelve 
Months Ended 
Dec. 31, 1934 



$226,964.98 

842,312.94 

222,361.56 

94,082.97 

33,578.24 

4.998.52 

35,872.25 

163,328.46 

231,535.77 

761,520.00 



$3,616,555.69 



$131,147.26 

1,141,437.36 

30,495.35 

326.990.23 

23,128.48 

217,273.41 

57,373.42 

841,680.00 

306,454.86 



Twelve 

Months Ended 

Dec. 31, 1933 



$3,075,980.37 



$85,279.78 
126,517.56 
400,800.00 
769,249.56 
211,870.40 



$1,593,717.30 



$236,369.77 

796,001.27 

120,529.87 

92,093.03 

31,793.95 

5,680.08 

42,837.04 

181,538.42 

231,912.02 

741,480.00 



$2,480,235.45 



$130,824.75 

1,093,253.25 

23,691.87 

327,394.45 

24,830.30 

209,482.13 

53,929.74 

861,720.00 

300,096.56 



$3,025,223.05 



$79,400.62 
106,085.40 
400,800.00 
762,912.88 
176,352.67 



$1,525,551.57 



25 



Operating Expense Accounts — Concluded 



Conducting Transportation 

Superintendence of Transportation 

Pass. Car, Trainmen and Motor Coach Operators 

Advertising Car and Trainmen 

Misc. Car and Motor Coach Service Employes 
Misc. Car and Motor Coach Service Expenses . 

Station Employes 

Station Expenses 

Car House and Motor Coach Garage Employes 
Car House and Motor Coach Garage Expenses . 
Operation of Signal and Interlocking Apparatus 
Operation of Telephone and Telegraph Lines . 
Other Transportation Expenses 

Total Conducting Transportation .... 

Traffic 
Traffic 

General and Miscellaneous 
Salaries and Expenses of General Officers . . 
Salaries and Expenses of General Office Clerks 
General Office Supplies and Expenses . . . 

Law Expenses 

Relief Department Expenses 

Pensions and Gratuities 

Miscellaneous General Expenses 

Injuries and Damages 

Insurance 

Stationery and Printing 

Store Expenses 

Garage Expenses (Excl. Motor Coach Garages) 

Rent of Tracks and Facilities 

Rent of Equipment 

Total General and Miscellaneous .... 

Transportation for Investment 
Total Operating Expenses 



Twelve 
Months Ended 
Dec. 31, 1934 



$1,010,108.40 
4,563,261.20 

192,302.34 
107,764.16 
580,066.82 
161,074.21 
590,664.61 

85,387.66 
219,885.57 

10,174.12 
216,565.37 



$7,737,254.46 

$5,305.21 

$72,234.74 

293,963.14 

62,968.29 

38,934.09 

3,420.00 

264,893.80 

93,231.81 

621,826.65 

129,025.51 

47,522.00 

162,744.44 

62,898.88 

14,932.24 

13,823.31 



$1,882,418.90 

t$16,141.44 
$16,895,090.49 



Twelve 

Months Ended 

Dec. 31, 1933 



$1,016,846.26 

4,574,254.99 

12.20 

184,099.39 

107,395.48 

586,912.75 

183,818.84 

637,569.13 

80,696.61 

228,124.99 

11,220.20 

204,519.48 



$7,815,470.32 
$3,094.10 

$72,430.68 

299,671.02 

63,306.06 

54,425.63 

3,420.00 

306,188.06 

106,045.04 

650,252.87 

136,251.48 

44,565.72 

167,562.11 

56,735.54 

15,856.68 

14,563.64 



$1,991,274.53 

t$ll,201.97 
$16,829,647.05 



tCredit. 



26 



Appendix 5 
Road and Equipment Investment 



Account 



Way and Structures 

A/c 501 Engineering and Superintendence 

502 Right of Way 

503 Other Land 

504 Grading 

505 Ballast 

506 Ties 

507 Rails, Rail Fastenings and Joints . . . 

508 Special Work 

510 Track and Roadway Labor 

511 Paving . . .^ 

512 Roadway Machinery and Tools .... 

513 Tunnels and Subways ...... 

514 Elevated Structures and Foundations 

515 Bridges, Trestles and Culverts 

516 Crossings, Fences and Signs .... 

517 Signals and Interlocking Apparatus . 

518 Telephone and Telegraph Lines 

519 Poles and Fixtures 

520 Underground Conduit 

521 Distribution System 

523 Shops, Car Houses and Garages . . . 

524 Stations, Misc. Buildings and Structures 

525 Wharves and Docks 

Total Way and Structures .... 



Equipment 

A/c 530 Passenger Cars and Motor Coaches . 

532 Service Equipment 

533 Electric Equipment of Cars .... 

536 Shop Equipment 

537 Furniture 

538 Miscellaneous Equipment . . . . , 

Total Equipment 

Power 

A/c 539 Power Plant Buildings 

540 Sub Station Buildings 

542 Power Plant Equipment 

543 Sub Station Equipment 

544 Transmission System 

Total Power 

General and Miscellaneous 

A/c 546 Law Expenditures 

547 Interest during Construction . . . . 

548 Injuries and Damages 

549 Taxes 

550 Miscellaneous 

Total General and Miscellaneous . . 

A/c 551 Unfinished Construction 

Total Road and Equipment . . . . 



Total 
Dec. 31, 1934 



Total 
Dec. 31, 1933 



$1,771,879.54 

11,450,453.85 

5,576,202.08 

267,129.47 

759,111.29 

836,691.29 

1,996,055.65 

4,332,001.84 

4,113,577.82 

1,531,386.86 

312,817.50 

347,682.61 

5,734,943.16 

1,925,046.39 

93,497.24 

1,114,076.29 

101,907.36 

587,276.95 

1,808,847.54 

3,569,203.88 

6,989,562.25 

4,397,768.61 

232,301.20 



$59,849,420.67 



$20,332,368.79 

1,020,091.45 

7,506,586.47 

705,948.67 

234,933.49 

444,279.33 



$30,244,208.20 



$3,590,566.64 

641,355.22 

6,914,072.29 

2,656,764.08 

1,607,940.58 



$15,410,698.81 



$250.00 

1,783,601.09 

7,500.00 

145,866.54 

13,215.00 



$1,924,002.63 
$100,391.11 
$107,528,721.42 



$1,771,879,54 

11,454,597.07 

5,710,554.70 

266,204.54 

756,781.17 

841,906.19 

2,030,547.77 

4,357,289.02 

4,114,428.91 

1,532,589.37 

295,016.61 

346,987.07 

5,734,943.16 

1,925,046.39 

94,412.92 

1,133,313.27 

101,907.36 

588,265.76 

1,802,285.87 

3,588,957.39 

7,218,330.89 

4,391,316.91 

232,301.20 



$60,289,863.08 



$20,126,856.10 

1,010,772.70 

7,523,992.17 

697,366.53 

234,641.73 

442,778.09 



$30,036,407.32 



$3,589,988.66 

641,355.22 

6,933,098.34 

2,650,230.85 

1,607;947.88 



$15,422,620.95 



$250.00 

1,783,601.09 

7,500.00 

161,349.02 

18,181.66 



$1,934,518.45 

$49,520.31 

$107,732,930.11 



Note: — Bold denotes credits. 



27 



Appendix 6 



Investment in Road Owned and Leased December 31, 1934 



Boston Elevated Railway 

Road and Equipment 
Miscellaneous Physical Property 



$107,528,721.42 
916,212.79 



Total Boston Elevated Railway Investment $108,444,934.21 



Leased Lines 

Hyde Park Transportation District 

(City of Boston) .... 
Eastern Mass. St. Ry. Co. (Part Leased) 

Old Colony Lines, West Roxbury $672,847.44 
Boston & Northern Lines, East 

Boston 34,980.72 

Boston & Northern Lines, Mid- 
dlesex Fells Lines .... 29,546.01 
Expenditures for Additions and 

Betterments 203,598.50 



$231,099.45 



Total Eastern Mass. St. Ry Co. 
Total Leased Lines . 



940,972.67 



City of Boston Investment 

Boylston Subway 

Cambridge Connection .... 
Dorchester Tunnel .... 
Dorchester Rapid Transit Extension 
East Boston Tunnel .... 
East Boston Tunnel Extension 

Tremont Subway 

Washington Tunnel .... 



$11,464,841.40 
1,653,270.99 
12,207,380.49 
10,941,066.32 
7,246,330.48 
2,345,338.93 
4,458,762.68 
7,947,250.65 



1,172,072.12 



Total City of Boston Investment 58,264,241.94 



Commonwealth of Massachusetts Investment 

Cambridge Subway .... 



$8,226,759.52 



Total Commonwealth of Massachusetts Investment . 
TOTAL INVESTMENT IN ROAD OWNED AND LEASED 



8,226,759.52 
. $176,108,007.79 



28 



Appendix 7 
Investment and Total Income 1897-1934 



Year Ended 



Sept. 

Sept. 

Sept. 

Sept. 

Sept. 

Sept. 

Sept. 

Sept. 

Sept. 

Sept. 

Sept. 

Sept. 

Sept. 

June 

June 

June 

June 

June 

June 

Dec. 

Dec. 

Dec. 

Dec. 

Dec. 

Dec. 

Dec. 

Dec. 

Dec. 

Dec. 

Dec. 

Dec. 

Dec. 

Dec. 

Dec. 

Dec. 

Dec. 

Dec. 



30, 1897 
30, 1898 
30, 1899 
30, 1900 
30, 1901 
30, 1902 
30, 1903 
30, 1904 
30, 1905 
30, 1906 
30, 1907 
30, 1908 
30, 1909 
30, 1911 
30, 1912 
30, 1913 
30, 1914 
30, 1915 

30, 1916 

31, 1917 
31, 1918 
31, 1919 
31, 1920 
31, 1921 
31, 1922 
31, 1923 
31, 1924 
31, 1925 
31, 1926 
31, 1927 
31, 1928 
31, 1929 
31, 1930 
31, 1931 
31, 1932 
31, 1933 
31, 1934 



Total 

Investment 



$25,291,913.22 

31,251,811.90 

33,187,250.79 

37,793,501.62 

44,087,939.53 

46,466,591.31 

48,398,610.91 

51,886,524.39 

57,187,809.61 

59,873,910.46 

65,979,896.07 

70,957,716.76 

81,592,634.49 

92,904,910.27 

101,864,058.69 

105,019,587.59 

106,990,